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Are You Guilty Of The 60/6 Imbalance?
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7. Is it important for you to minimize estate taxes? (An up-to-date estate plan can minimize estate taxes and reduce the likelihood of your family having to sell your business, often at a lower-than-market value, to pay estate taxes.)
8. Is it important for you to have a contingency plan in place for your company in the event of your sudden death or disability? (Without a plan for continuity of leadership, your business’ continuity and value are seriously threatened.)
9. Is it important for you to preserve family wealth for future generations? (Without a customized exit plan, chances are that your legacy goals will not be met.)
10. Is it important to you to have a plan for your life after the transition from your business? (Having well-thought-out plans in advance of your business sale or transition date is critical to happiness in retirement.)
11. Is it important for you to have clear, specific, written goals? (Without them, you may get caught up in the current of life and miss your targets.)
12. Is it important for you to have detailed, prioritized action plans to accomplish the above? (Your action plans should be prioritized and must not conflict with your goals.)
If you answered yes to the majority of these questions, you should make the preparation and implementation of an exit plan a priority. Typically, the more time you have to implement the plan’s action steps prior to your intended exit date, the higher the monetary returns and personal satisfaction you will receive on your investment. Having an exit plan in place will reduce your stress as well as family and employee uncertainty.
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Bill Quish is a Certified Exit Planning Advisor (CEPA) and is a senior managing director at Lyons Solutions, LLC, a Merger and Acquisition Advisor firm. He can be reached at 860-658-1845 or bquish@lyonssolutions.com.
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7. Is it important for you to minimize estate taxes? (An up-to-date estate plan can minimize estate taxes and reduce the likelihood of your family having to sell your business, often at a lower-than-market value, to pay estate taxes.)
8. Is it important for you to have a contingency plan in place for your company in the event of your sudden death or disability? (Without a plan for continuity of leadership, your business’ continuity and value are seriously threatened.)
9. Is it important for you to preserve family wealth for future generations? (Without a customized exit plan, chances are that your legacy goals will not be met.)
10. Is it important to you to have a plan for your life after the transition from your business? (Having well-thought-out plans in advance of your business sale or transition date is critical to happiness in retirement.)
11. Is it important for you to have clear, specific, written goals? (Without them, you may get caught up in the current of life and miss your targets.)
12. Is it important for you to have detailed, prioritized action plans to accomplish the above? (Your action plans should be prioritized and must not conflict with your goals.)
If you answered yes to the majority of these questions, you should make the preparation and implementation of an exit plan a priority. Typically, the more time you have to implement the plan’s action steps prior to your intended exit date, the higher the monetary returns and personal satisfaction you will receive on your investment. Having an exit plan in place will reduce your stress as well as family and employee uncertainty.
Return to Page 1
Bill Quish is a Certified Exit Planning Advisor (CEPA) and is a senior managing director at Lyons Solutions, LLC, a Merger and Acquisition Advisor firm. He can be reached at 860-658-1845 or bquish@lyonssolutions.com.
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