Which Comes First? Estate Planning or Exit Planning?
Well…
A successful business Exit Plan achieves three important owner goals:
- Financial Security. (The business sale or transfer provides the amount of income the owner, and owner’s family, needs after the owner’s exit.)
- The Right Person. The owner chooses his or her successor (children, key employees, co-owners or a third party).
- Income Tax Minimization maximizes the amount of cash in the departing owner’s pocket.