No matter how much you love your business and the work you do, you dream of passing the responsibilities on to someone else. You might even want to transfer the whole business to another responsible party. We work with our clients to complete business exit planning and determine what exit strategies may better suit their needs.
Roughly 78% of business owners1 have no succession plan in place. Creating one can give owners peace of mind for retirement or while struggling with an illness. Note that business succession plans are also useful for other key positions in the company, such as other founding members and department heads.
In some cases, simply changing leadership may not be enough. You may not currently know anyone willing or able to run the business. In this case, you might decide to put other measures in place to sell the business or shut down operations. We help you find the most profitable solution for exiting.
When our clients exit their businesses, we want to ensure they do so by moving on to greener pastures. Sometimes, this involves starting a new business, but most times, the goal is retirement. Balam Wealth Management can help you determine which business exit planning move is suitable for you, your business and your future.
Sources: 1https://www.forbes.com/sites/forbesnycouncil/2019/06/05/business-owners-whats-your- succession-plan/