For most business owners the most important decision they make is how and when they exit their business.
It involves any number of competing dynamics, from integrating a transition with your financial and legacy plan, to maintaining family relationships, to finding what to do in your next life’s chapter. Whatever the circumstances, we are here to help simplify and optimize the process so you meet your goals as seamlessly as possible. We look to create family harmony, incentivize employees, retain management, and to maximize the marketability and value of your firm. Our comprehensive approach encompasses all aspects of your life in order to bring to you the goals you desire.
Facts & Statistics
Over 80% of firms have no succession plan.
— Source: The Exit Planning Process, A Financial Services Group, 2010. Down Market Presents Exit Strategy Opportunities For Business Owners, National Underwriter, 02 Apr 2011.
Why Plan?
Benefiting You and Your Company
We have found that most business owners work “in” their business rather than “on” their business. It is incredibly helpful to take a step back and to refocus your efforts as an owner on where your business is heading and how you would exit your business. We have seen great businesses fall on hard times, and other businesses where a buyer is willing to pay a large premium for a business. A proper transition plan will account for all of these scenarios. Many times the timing of an exit is chosen for you and the better prepared you are, the more you benefit. This focus is one of the many benefits you will find in planning for your business succession plan.
Additionally, you can benefit by:
Clarifying your priorities
Focusing your energy on most urgent concerns & greater business growth
Achieving the most out of your employees
Controlling and defining the circumstances of your exit
Minimizing possible tax consequences
Maximizing the value that you receive from your business
Increasing the marketability of selling or transferring your business
Can you answer a solid yes to these questions regarding your largest asset?
For most business owners, transitioning their business is the biggest financial decision of their life. Most owners are unprepared for such a transition. Below are a few questions in which as a business owner you should be able to answer yes to each to be adequately prepared to transition your business.
Do you know your exact retirement goals and what it will take—in cash—to reach them?
Do you know how much your business is worth today, in cash?
Do you know the best way to maximize the income stream generated by your ownership interest?
Do you know how to sell your business to a third party and pay the least possible taxes?
Do you know how to transfer your business to family members, co-owners, or employees while paying the least possible taxes and enjoying maximum financial security?
Do you have a continuity plan for your business if the unexpected happens to you?
Do you have a plan to secure financial independence for your family if the unexpected happens to you?
The Process
Ideally the process of transitioning your business should begin 5-7 years before your planned exit date. This enables you to best create a business continuity and transition plan which maximizes the value and marketability of your firm. The exit planning process is broken down into 7 steps. This plan is fully integrated into your personal comprehensive financial plan in order to help optimize the use of all your resources. The 7 step process is as follows:
Identify your exit objectives
Identify your business and personal resources
Create a plan to maximize and protect business value
Analyze ownership transfer to third parties
Analyze ownership transfer to insiders
Business continuity planning
Integration with your personal wealth and estate planning
List of Services
Our capabilities are numerous, and include the following:
Key Person Insurance Planning
Risk Management Consulting
Management Team Development & Transition Planning
Buy-Sell Agreement Planning
Business Continuation Planning
Executive Retention Planning
Disability Buy-Out Insurance
Employee Stock Ownership Plans (ESOPs)
Key Employee Incentive Plan Design
Business Overhead Expense Coverage
Property & Casualty Insurance and Consulting Services
Business Valuation Services
Employee Compensation Review & Analysis
Qualified Retirement Plan Changes
Third Party Sale Planning
Family and Internal Succession Planning
Getting Started
All of our relationships start with a meeting in which we get to know one another. There is no cost or obligation with many clients having plan in place and looking for a free second opinion. Please don’t hesitate in contacting us at 203.335.0851 and we will be happy to assist you in any way we can.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through GFS Wealth Management Advisors, Inc. (GFS). Kestra IS is not affiliated with GFS or Ganim Financial. Ganim Financial, GFS and Kestra IS, do not offer tax or legal advice. Any decisions whether to implement these ideas should be made by the client in consultation with professional financial, tax and legal counsel.
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