Planning to exit your business is a multi-disciplinary endeavor. Protecting assets, growing value, transferring a business to children (or co-owners or employees), selling a business to a third party, and assuring business continuity are tasks that exceed the expertise of any one advisor.
Assembling and consulting with your Advisory Team facilitates the exchange of information and ideas and can reduce your costs by increasing the efficiency of each advisor. Instead of advisors proceeding in a disjointed manner, often repeating the work of others, you and your lead Exit Planning advisor coordinate the efforts of all advisors.
An Advisory Team generally consists of the following professionals:
- Financial Planner/Investment Professional
- Business/Estate Planning Attorney(s)
- Valuation Professional
If a third party sale is likely, the Team will include a:
- Transaction Intermediary (Business Broker or Investment Banker)
- Transaction Attorney
Other members of the Advisory Team may include a:
- Insurance Professional
- Business Consultant
- ESOP Professional
- Executive Coach
As a business owner, you are probably familiar with many of these professionals and have most likely worked with them individually in the past. However, most business owners have not assembled teams of professionals and charged them with the common goal of helping the owners devise a plan to leave heir businesses when they want, by transferring the business to whom they want and getting the money they want and need to provide financial stability for their respective futures.