transfer ownership to the people you trust for the price you want.
Given a choice, most business owners would prefer to exit their business by transferring to family members or key employees; buyers who know the business and who can be trusted to continue the company.
While these individuals may be suitable successors, rarely do they have the resources to pay the purchase price up-front. In such cases, bringing a commercial back into the exit planning process can be an ideal solution.
Securing a loan for your successors, however, requires a carefully crafted plan that meets the banker’s 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 our white paper, explore the Bankable approach to exit planning in detail:
- 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 financial independence.
- Why you should begin planning your exit 3-7 years in advance.