- Kemp Klein attorneys among Michigan Super Lawyers September 3, 2019
- Brian Jenney to Speak at 5th Annual Elder Law Institute August 28, 2019
- 16 KEMP KLEIN LAWYERS NAMED TO 2020 BEST LAWYERS® LIST August 15, 2019
- George Gregory to Speak at MICPA Small Firm Practitioners Conference August 1, 2019
- Cynthia L. Umphrey Films Estate Planning Demonstration with ICLE July 30, 2019
Right after you make the decision to sell to an outside buyer or transfer your interest to family members, you should begin asking yourself what you want to achieve in the transition. You need a clear picture of what you want to do after the deal is closed and what you want for the future of the company that has been so important to you.
We will help you work through questions like:
- Do I want a continued management involvement with the business?
- Do I want a continued financial involvement with the business?
- Do I want to maximize my value, or are there other considerations such as transferring the business to family members or security for my employees?
- Do I want my company to maintain its independence?
- Do I want the business to keep its name?
- Do I need to structure this so that I can comfortably retire?
- Do I need to structure the sale so that I have the capital to start a new enterprise?
- What are the family dynamics in transferring ownership to my children?
Setting priorities for your business that extend into the future is just as important as understanding your personal objectives. A business that is planning for a vital future is much easier to market.
Questions we will help you analyze are:
- What opportunities are available to my business and how can I take advantage of them?
- What are the critical factors behind future growth in my business?
- Do we have managers in place who can support a successful future?
- Does the business have the appropriate capital structure and access to further funding to take advantage of upcoming opportunities?
Answering these questions can help you better develop an exit plan that will fit both your personal needs and maximize the value of the business.
Sometimes goals identified in exit planning will require changes to your current business plan. For instance, if it is important to safeguard your employees, perhaps you will want to offer the business to the successful management team you have in place. But that will take a business plan that helps them find the appropriate funding.
Or perhaps after looking at the business, you realize you could maximize value by opening a promising new market to illustrate the company’s growth potential.
How to groom your business for your exit is another topic for discussion.