Exit & Family Succession
Simplified Exits with Expert Guidance
On average, most owners only exit a business once in their lifetime. It is often a brand-new experience with a series of decisions that can greatly alter the outcome. Wessel & Company can provide a blueprint by initiating a planning process and deciding an exit date. We can acquire independent, objective professionals to help maximize the sales value or succession strategy in addition to planning the post-sale tax impact.
Generally, the shorter the planning time frame, the less profitable the sale may become. Time enables you to refine operations to maximize value, allows owners to remove themselves as much as possible from the day-to-day operations, and provides time to let a tax strategy unfold especially if gifting is involved. Let us simplify your business exit journey and guide you toward a successful transition.
How to Begin the Process
- Build a Team of Professionals. Typically, a CPA, an attorney, & a banker.
- Establish a Timeline.
- Take Steps to Enhance Value. Make the business physically & financially attractive.
- Separate Yourself from the business. The business is now viewed as an asset for sale.
- Depersonalize Decisions.
- Create a Tax Plan. This could include retirement, estate & trust, life insurance, healthcare, etc.
- Prepare for Post-Exit. Establish an investment strategy for the proceeds.
Our team provides a clear path and timeline for you to exit your business and pass it on to the next generation of professionals. Reach out to us today for assistance.