In the comedy, “History of the World, Part I,” Mel Brooks says, “It’s good to be the king.” Anyone who’s struggled to build and run his or her own business knows just what Mel was talking about. But the years fly by, and before you know it, you must face the fact that while companies may endure, people do not. So whether your intention is to build an enterprise that lasts for generations, or to convert decades of your devotion into cash, you must have an exit strategy, and the time to start thinking about it is now. Here are some questions to consider:
- Do you know the present value of your business?
- Do you know how much your business must be worth to meet your retirement needs?
- Is the management team now in place to reach your transition goals?
Sooner or later, in one form or another, you and your business will part company. If the time horizon is short, and you plan to sell within the next five to ten years, TMG can help you accomplish specific tasks that will maximize value. If longer, we can work with your management team to make real change that will enhance the long-term viability and value of the enterprise. And if you are leaving the business to your children, we can help to make the transition smooth and transparent.
To learn more, contact Ben Markens at firstname.lastname@example.org.