John Manganaro, CPA
The business sales market is quickly turning into a buyer's market. In the next ten to fifteen years, more than eight million privately owned companies will be for sale.
Consider these statistics:
Whether you plan to transfer your company to your children, sell it to outsiders, or sell it to an employee(s), there are steps you can put in place now that will help you maximize the financial return, minimize tax liability, plan for contingencies and increase the likelihood of a successful transfer of your business.
Exit planning is a comprehensive process of designing and implementing a business owner's successful exit from the business. Contemplating the sale, transfer, or eventual closure of your company can be a daunting process. You may be worried about upsetting family members or company employees. You could be so entrenched in the day-to-day activities that you don’t want to put extra thought into exit planning. Or maybe just don't know where to start. Don’t worry, we can help.
The payoff of completing an exit plan is tremendous. Even if you’re not ready to leave the company now, once you start putting the plan into place you will likely have more freedom for leisure activities and will ensure a higher realization when you are ready to sell or transfer the company. Most owners experience a strong sense of relief and security, knowing that even in the event of death or permanent disability their objectives will still be achieved.