Exit planning can be complex.
Between setting your exit goals and transferring your business, you’ll attempt to build business value, find an appropriate successor or buyer, navigate perplexing tax implications, and keep your key employees onboard. And that’s just a few of the things you’ll do!
With so many considerations surrounding your business exit, you may want to consider creating an advisor team.
Simply put, no single advisor has sufficient expertise to create and implement all of the activities required in a typical exit plan.
To give yourself the best chance to exit your business on your terms, you’ll likely require the services of several advisors from different fields. These may include a CPA, a financial advisor, a business lawyer, an estate planning lawyer, an insurance professional, a business valuation specialist, an exit planning advisor, and others.
Depending on the size and complexity of your business and the requirements you set to consider your exit successful, you may need anywhere from two to seven different advisors on your advisor team. That’s perfectly normal. The diversity of expertise will work to your benefit.
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The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.