BUSINESS EXIT PLANNING

According to the Exit Planning Institute's 2019 Owner Readiness Report, most Small Business Owners have 80-90% of their financial wealth locked inside their businesses.

 

This is a tremendous amount of wealth at risk. Conventional wisdom would suggest that business owners would plan better for their Exit Strategy; unfortunately, this is not the case.

 

Only about one in four business owners have done any exit planning. As a result, three-quarters of owners also reported that when they did achieve an exit from their business, they were unsatisfied with the result.

 

While business exits can and should be well planned in advance, some exits are for reasons other than for retirement, including the three "D's": Death, Disability, and Divorce. All of these can have a destructive effect on businesses.

 

One of the important reasons that Boyce & Associates Wealth Consulting was formed stemmed from a desire to help business owners continue to grow their wealth while they are still in the business, recognizing that the majority of their wealth likely comes from their ownership in it. Active and early preparation tends to lead to much more favorable outcomes, leading to less stressful and more active and productive retirement years.

 

Our approach to exit planning starts with a business appraisal, then focuses on what we refer to as the "Five Pillars or Business Value", Sales, Finance, Operations, Leadership & Cultuer, and Owner Psychology. Boyce & Associates Wealth Consulting utilizes our proprietary BizVue (sm) process to assist our clients in maximizing the value of their businesses and creating a succession plan.