Bruce Swabb, CPA
You’ve got a great business that you built brick by brick over the past couple of decades. A big part of the “American Dream” that drives entrepreneurs is the final payoff for all the hard work. Someday, you expect to sell your company and start having some real fun.
Some think ahead and develop both Plan A and Plan B, just in case reality takes an unexpected right turn. Others keep plugging away focusing on the current day-to-day operations – and keeping those customers happy! For the latter majority, they understand the need for planning their exit strategy, but they also assume that there will be a time for that planning later. The rare bird indeed, actually sets a strategic plan in place years before the expected exit.
Now for the sad story. We work with business owners every day who haven’t prepared for the sale of their business. They begin to realize that it is time to sell their business, and sooner rather than later.
One of the hardest aspects of being a business broker is having to explain to a business owner that they are not likely to get what they had expected for the sale of their business. It is truly a big shock. The saddest part is they’ve lost the planning years which could have been used to develop a happier result. They are out of time, and have no options.
Dick, Rich and I love to help people sell their businesses, and we work hard to maximize the realized cash value of your business. But what we really love to do is to work with you soon enough to let you choose between a couple of alternatives. Obviously, you get to pick the alternative that leaves you with the biggest pile of after tax cash. We can help you design strategies that are good for you, good for your family and good for your employees.
Over the next few blog posts, I’ll lay out some ideas for business owners in three different circumstances of ownership:
Out of time and out of gas.
Keeping pace is getting hard. How long can i keep up the effort?
The kids are in college and business is humming right along.