Developing your exit strategy takes long-term planning. It’s not something that can wait until you’re ready to sell your business or approaching retirement.
Here are three considerations when planning your strategy:
1. Seek trusted counsel to help determine the value of your company based on the industry and market in which your business operates.
2. Gather a team of experts. Your banker, accountant and business attorney can collectively determine the best plan.
3. Ensure you have a shareholder/buy-sell agreement in place with your business partner. Review it periodically as the market value changes specific to your business.
– David Ogburn, USAmeriBank