Seven Steps To Helping Clients' Succession Dreams Come True

Over the years your clients have plowed profits back into their businesses and dream of the day when they will cash out and move on. It is your job to help clients realize that someday they will be more than ready to sell the business because they are bored with it, tired of it, physically unable to...

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Bibliographic Details
Published in:National Underwriter. Life & Health 2005-06, Vol.109 (22), p.14
Main Author: Ross-Hanson, Dyanne
Format: Article
Language:English
Subjects:
Advisors
Cash flow
Compensation plans
Deferred compensation
Employees
Financial planners
Guidelines
Incentive plans
Planning
Purchasing
Retirement income
Small business
Stock rights
Succession planning
Taxes
Valuation
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Summary:Over the years your clients have plowed profits back into their businesses and dream of the day when they will cash out and move on. It is your job to help clients realize that someday they will be more than ready to sell the business because they are bored with it, tired of it, physically unable to run it, wealthy enough to leave it or ready for the next stage of life. Busy people are not inclined to focus on an event that will take place years from now, but here are seven steps for you to help clients imagine their future: 1. Identify client goals, 2. Determine the current value of the business. 3. Develop a plan for enhancing the company's value. 4. Sale to a third party. 5. Prepare for a sale to an internal buyer with inadequate funding. 6. Prepare for loss of control of the succession process. 7. Create an estate plan.
ISSN:1940-1345