Last week I had an opportunity to interview John Leonetti, CEO of Pinnacle Equity Solutions, a national firm that provides exit strategies training and solutions.
is author of Exiting Your Business; Protecting Your Wealth, which is for business owners who want to transfer and/or protect their illiquid business wealth.
says, "Whether you intend to sell your business to an outside party or if you want to transfer ownership to managers, employees, family, or charities, an exit strategy plan is needed."
If you have a small business that you intend to sell at some point down the road, starting to devise an exit strategy well in advance of that sale is important.
For example, some tax strategies need to be put in place far in advance of a business sale.
told me, ""Taxes are a big part of these transactions and owners are often quite surprised by the amount they have to pay in taxes.
It's not what you get; it's what you keep that matters," he
also pointed out that selling a business you've put your life's blood into is an emotional and personal transaction as well as a monetary one.
By thinking through in advance all the issues that need to be considered when a business is sold, you can be better prepared to take some of the emotionalism out of the situation.
This will help you keep your cool during negotiations.
"Business owners identify with their companies; it is often their alter ago," John
said, "and many owners have had seller's remorse because they did not think through what would happen after the transaction."
Tags:business sale, exit planning, exit strategy, John Leonetti, Pinnacle Equity Solutions, retirement, serial entrepreneur
is right on the money -literally.
Pinnacle group is doing really good work for owners and their advisors.