Using Exit Planning Advisors
“My investment advisor suggested that I sell my company to an ESOP. Is that a good idea?” “My estate planning attorney recommended that I begin giving my business to my children. What do you think?”...
View ArticleThe Advantages of a Well-Conceived Buy-Sell Agreement
In a previous post we made a strong case for creating a buy-sell agreement for co-owned businesses. If you haven’t read that post yet, click here to do so. To summarize, if owners agree in advance of...
View ArticleEstate Planning for Business Owners and Their Families- Part One
How Can I Provide for an Equitable Distribution of My Estate Among My Children? Parents normally want to give equal amounts of their estates to their surviving children, regardless of how active each...
View ArticleEstate Planning for Business Owners and Their Families– Part Two
In Part One of this series we introduced you to the hypothetical case study of Mike Jones, a 51-year-old owner of a successful scaffolding company and the father of two sons — one of which was active...
View ArticleEstate Planning for Business Owners and Their Families- Part Four
How Can I Help Preserve My Assets from the Claims of Creditors During My Lifetime and at My Death? As we discussed in part one, part two, and part three, there are six critical questions that owners...
View ArticleEstate Planning for Business Owners and Their Families-Part Five
How Can I Minimize Estate Taxes? In the realm of Exit Planning and Estate Planning it can be important to understand what estate taxes are, know the tools available to help minimize them, and employ...
View ArticleIs Your Buy-Sell Agreement Current?
The business continuity agreement is the single most important document that the owners of a closely held business will ever sign. This agreement (also known as a buy-and-sell or buy-sell agreement)...
View ArticleDoes Your Buy-Sell Cover Everything it Should?
In part 1 of this series we discussed what a buy-sell agreement is and why you should dust it off, take a second look at it, and call your advisors to update it. If you just aren’t convinced that...
View ArticleEconomic Downturn Gives Owners Time to Work on Value Drivers
In this post, we discussed value drivers: the intrinsic characteristics of a company that buyers look for when deciding what company to buy and how much to pay. We’ve talked about how important value...
View ArticleEconomic Downturn Gives Owners Time to Prepare for the Recovery of the M&A...
The recent recession has given all business owners, quite literally, pause: pause in growth, pause in hiring, pause to reconsider exactly where our companies are heading — or need to head — if we are...
View ArticleThere’s a Dinosaur in the House!
Is there a dinosaur in your business? Johnny, a young boy, wakes up one day to find a small dinosaur about the size of a dog in his room. He gets out of bed and runs to his mother. “Mother”, he...
View ArticleEffectively Transferring Wealth to Children with Reduced Tax Impact- Part 3
Determining How Much Money is Appropriate to Leave to Children In this post and this post, we introduced you to a strategy for successfully transferring a portion of your company’s wealth to your...
View ArticleHow to Respond to Negative Reviews
Recently a colleague gave a good business tip on responsiveness. Another member of our referral group had contacted him about getting some services done at around 10 PM one night. The next morning...
View ArticleHow Much Money do You Need?
When owners begin to create their exit plans, they need to answer three critical questions. When do you want to leave your company? Who do you want to succeed you? How much money do you need when you...
View ArticleThe Importance of Setting Personal Goals
The late sales and personal development expert Zig Ziglar once said: “People with goals succeed because they know where they are going… It’s as simple as that.” Have you set some personal goals? Only...
View ArticleIs Your Business Working?
AS I WORK WITH PROFESSIONALS AND BUSINESS OWNERS, I see far too many of them working hard to earn a living but utterly failing to build an effective business. Many business owners work hard all day and...
View ArticleWhy You Need To Know The Value Of Your Business Today
Why You Need To Know The Value Of Your Business Today, Even Though Your Exit Is Years Away. In today’s economy, no one wants to spend money on something they don’t need today. So why do you need an...
View ArticleValue Driver One: Putting Business Fundamentals In Order
The first step in building the business value necessary to achieve the post-business exit lifestyle he or she desires by creating a written value-building plan that: outlines what must be done to...
View ArticleWant to Build Business Value In A Recession?
Think: Acquisition In an economy when many of us are tempted to bury our heads until the shooting is over, smart business owners are realizing that this may be the perfect time to acquire smaller,...
View ArticleSix Reasons You Need A Certified Business Valuation
For business owners, paying non-essential professional fees is nearly as unpalatable as paying unnecessary taxes. If you are convinced that you don’t require the services of a certified valuation...
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