Many business owners facing imminent exit have the enviable but difficult choice of either selling the business to an outside third party and achieving their financial objectives or, conversely, transferring the business to loyal motivated key employees or family. This is nothing more, or less, than a clash of exit objectives.
Take John Conover for example. [...]

The recession has brought a lot of challenges, but it has also brought the luxury of time: time to figure out exactly what you need from the sale or transfer of your company to support a comfortable post-sale lifetime and time to create enough value in your company to achieve your desired sale price.
Most owners [...]

“Why do I need to create multiple entities to protect my assets?” Steve Pierce, owner of Pierce Floral Shops, asked. “I already have all of my business interests in a Limited Liability Company. Doesn’t that protect me and my business?”
The answer provided by his lawyer was about what you would expect. “Yes. And no.”
Putting all [...]

We have all heard the old proverb that it’s dangerous to put all of your eggs in one basket.” But does the proverb apply in the world of business ownership? Specifically, is it a valid warning or just a worn-out cliché? It seems to make good sense to concentrate all of your business effort and [...]

As exit planners, we consistently urge business owners to take the initiative when planning their exits. Today, we apply that perspective to encourage them to go beyond panicked headlines and take a clear-eyed look at options in light of their: (1) exit objectives, (2) companies and (3) current M&A conditions in their marketplaces before they [...]

To engage in Exit Planning, you must have a business to exit. Exit Planning assumes that the better the business, the easier and more successful the exit. Exit Planning also assumes that good businesses are not only profitable and well managed, but that they are protected from liability risks. Failing to protect your business value [...]

There may be nothing worse for a business than to have its owner suddenly die. . . especially if it’s your business.
Let’s look at what can happen when an owner dies.
Joe Carpenter was the 55-year-old sole owner of a successful construction company. Joe hoped to sell his company to a third party in the next [...]

One of the advantages of having other owners in your business is that they can be your means to retirement.  A common retirement planning technique is to take on a younger minority partner while you are still active. Upon your retirement, the younger owner will purchase your remaining stock.
This can be advantageous because the younger [...]

Stephen owned a successful health care business in the San Francisco Bay Area. He knew the time had come to transfer ownership of his business. He had started the company over 25 years ago, had poured his energy, talent and money into it and was proud of its success. Stephen had two sons working in [...]

Just last week I met with the owners of a manufacturing company in San Jose, California. Husband and wife had started the business 30 years ago and over the years had brought in their son and brother in law to work in the business. Now well into their 60s, the owners want to retire while [...]