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There comes a point in your business where it’s time to move on. Maybe you’re stepping back from daily involvement or retiring altogether. What will you do with your company? Developing a succession plan for your company is important to your employees, your customers, and your business partners and collaborators.

Exiting On Your Own Terms

When you’re approaching stage 5 of your business, it’s important to leave on your own terms. Succession planning is about choosing an exit strategy that’s best for your company and the people impacted, including workers, partners, and clientele. Your impending departure can also have unintended consequences if not handled strategically. Some areas of focus at this stage of your business include the following:

  • Selling the business or bestowing it to a family member or beneficiary
  • Splitting up the company
  • Handling business partners and other shareholders
  • Selecting new leadership
  • Drafting buy and sell agreements

Leaving on your own terms is also an important part of leaving behind a strong financial legacy. What are you leaving behind? Is your business set up for continued growth? It’s important to prepare for the future of your company with the appropriate stage 5 financial plans.

Your Legacy Matters

Whether you plan to keep it in the family or sell it to others, your business deserves the right course of action. This requires wise planning based on the knowledge of experienced financial advisors. Call us today at 844-782-4396 for a business legacy you can be proud of.

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