Business owners overestimate the value of their business and underestimate the financial amount they will need to post sale to live for the rest of their lives. Holistic financial planning as practiced by Legacy Planning Exit Planning team helps the business owner prepare to close those gaps. We recommend every business start with a valuation. This is our opportunity to introduce an M&A expert. We also recommend business coaching to help remove the owner from the center of control and make sure there is a leadership and management team in place that can drive business success. We also interview the owner’s accountant and attorney to make sure they are up to the job. Basically, this professionalizes the operations of the business. And on the personal side we follow an approach that leads to “risk” management and projections of wealth needed to maintain lifestyle post sale for the rest of the owner and spouse lifetimes. As a result, we cover Estate Plan, Business Agreements, Property Risks, Emergency Management Plan and liquidity needs.
Learning Objectives:
- How to begin a conversation that leads to an engagement
- Technology and techniques utilized in the engagement
- How to maintain control of the engagement
- Using holistic financial planning to answer the questions, “Keep” or “Sell”
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