What is Exit and Succession planning?
Exit planning is the creation of a comprehensive road map to allow a business owner to successfully exit a privately held business. An exit plan asks and answers all of the business, personal, financial, legal, and tax questions involved in selling a privately owned business.
The purpose of an exit plan is to maximize the value of the business at the time of the exit, minimize the amount of taxes paid, and ensure that the business owner is able to accomplish all of his or her personal and financial goals in the process.
Succession planning is the systematic process of reviewing all aspects of the business, determining the most appropriate method of transitioning ownership, assessing the most appropriate exit option, and then creating a detailed and documented plan to achieve the best possible outcome for all the stakeholders in the business.
“If you want to have a successful enterprise, you clearly define what you’re trying to accomplish…the extent to which you begin with the end in mind often determines whether or not you are able to create a successful enterprise.”
“The Seven Habits Of Highly Effective People” author Steven Covey
Seven Steps to REFIRE
Ascend Business Partners specialise in helping business owners increase their wealth and build their business through our unique and proven “Seven Steps to REFIRE”.
We work together with business owners to increase the value of your business and improve profits, allowing you to exit the business with a valuable asset that can be sold, transitioned to the next generation, or even provide an ongoing passive income.
Why strategic succession planning?
A well designed and implemented Exit Plan enables business owners to:
- Control how and when they exit
- Maximize company value in good times and bad
- Minimize, defer, or eliminate capital gains taxes
- Retain control by generating a number of strategic exit options
- Ensure they achieve all their business and personal goals
- Reduce their stress and that of their employees and families
- Ensure continuity of the business
You have invested a huge part of your life into your business, so it's worth investing time and thought into planning for the future
At Ascend Business Partners we work with you to:
what your business is worth
the value of your business
& Succession Strategy
for your business
business when you exit
A business owner who sells his business without an exit plan typically sells it for too little. Those who do nothing and let the business be sold when it’s too late usually leave a burden to their family, and the business experiences a substantial loss in value.
Every successful succession plan will also help you properly think about your personal future. One of the most important gifts you can give yourself is taking time to reflect more deeply on what is truly meaningful to you. After years of hard work there comes a time to consider your personal future and to create your unique dreams to live a meaningful and fulfilling life.
The number one benefit business owners cite is "peace of mind." Owners who have gone through the exit planning process say they have a new sense of clarity about their options, their stress level is reduced, and they are able to sleep better at night knowing that they have a plan in place to help ensure they meet their personal, business, and financial goals.