Sell your business. Preserve your legacy.
Given a choice, most business owners would prefer to exit their business by transferring to family members or key employees. Buyers who know their business. Buyers they can trust to continue the company they’ve worked so hard to build.
While these individuals may be suitable successors, rarely do they have the recourse to pay the purchase price up-font. In such cases, bringing a commercial bank into the exit planning process can be an ideal solution.
Securing a loan for your successors owners, however, requires a carefully crafted plan that would meet the expectations. A plan that combines the principles of exit planning (the strategic extraction of wealth) and succession planning (the orderly transfer of responsibilities) with the expectations of a commercial bank.
In the following white paper, Byron explores the “bankable” approach to exit planning in detail. He discusses:
- the 4 most common barriers to retirement for entrepreneurs
- the 3 key attributes to look for and develop in your successors
- the risks and downsides of selling to an outside buyer
- how to modify your business to satisfy the expectations of a commercial lender and achieve your own financial independence
- why you should begin planning your exit 3-7 years in advance