There are many common exit strategies for business owners but ultimately the one you choose will depend on your financial, personal and business goals. If you sell externally, there are plenty of unknown variables that can come into play without the right planning. However, if you sell internally you run into a host of other issues. So, how do you know what is the right option for you and your business? In this episode, Tom will be explaining the various business exit options available to business owners who are hoping to transition and the pros and cons of each of these options.
Listen in as Tom describes when you may want to consider an employee stock ownership plan for your business and how this may be beneficial to not only you but your employees and clients/customers as well. You will learn the problematic family dynamics that you may run into if you sell to a family member, why your business should not be dependent on you as the owner to run successfully and why you must plan ahead for a successful business exit.
Listen to the full episode:
What You’ll Learn:
- The internal versus external options for business exit success.
- The issues with selling your business to family members.
- What an ESOP is.
- When you may want to consider an ESOP for your business.
- The pros and cons of an internal transfer.
- Why it is essential that you plan ahead for a successful business exit.
Ideas Worth Sharing:
- “Stay ahead of the game when it comes to your exit strategy.” - Tom Poltersdorf
- “50% of business exits are forced… don’t fall victim to this because you didn’t plan ahead.” - Tom Poltersdorf
- “The ultimate exit - if you are wanting to get the most money - is through an external buyer.” - Tom Poltersdorf
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