Every Business Owner should have an exit plan, because every Business Owner will exit their business eventually. For your business to reach success that is sustainable over the long term, it must have a clear plan for succession. Our succession planning service ensures that your personal goals and intentions align to your business strategic goals and objectives. Profitable Wisdom has experience preparing businesses for transition and developing succession plans. We will take the mystery out of developing a proper plan that determines the best exit option for you, providing our personal attention to your specific needs.

We provide unbiased advice because we have only your best interest in mind. We don’t sell insurance or investments, and our fees are not contingent on the exit option that you select. Our service includes all important areas of a business transition, not just corporate structure and tax planning. We work with other professional advisors as required, so that you receive only the best advice. 

When should you start planning a business transition?

Start planning early if you intend to retire or exit from your business as the process could take up to five years. It is also important to remember that all things don’t necessarily go according to plan and our Business Transition Planning includes planning for unexpected events like a health scare.

A business succession plan helps you make important decisions about ownership, maximizing your company's value and establishing tax saving strategies.

What are the transition options?

There is more than one way to transition out of a business, it is important to consider an exit strategy that fits both your personal and your business objectives. Some of the main options to consider when planning for your business transition are:

  • Transfer to a family member: Choose the candidate(s) and discuss a plan; make preparations for the transfer or sale of your business to your children or relative.
  • Sell to a partner, management team or employees: Sell the business to current employees who know the business and are interested in seeing it continue.
  • Sell to a third party: Find a buyer and finalize the sale.

How Profitable Wisdom can help

Our business transition plan services are comprehensive and happens in 7 steps:

  • Step 1. Address Owners current Business Concerns: This first step is very important and often not considered. How can Business Owners consider exit planning when they have other issues glaring at them? Profitable Wisdom works with you to solve current concerns and ensure the business is stable and growing.
  • Step 2. Set Personal / Family Goals: It is the goals and motives that drive the exit strategy planning process. Setting Goals will include goals for yourself and your business. It could also include goals for your spouse, your family, your successor.
  • Step 3. Quantify Business & Personal Resources and Insurance needs: Will the amount of money you have saved today outside of the business satisfy all your future financial goals? This also includes finding out the value of your business which is a critical determining factor of whether you can afford the exit option that you most desire.
  • Step 4. Maximize & Protect Business Value: It is important for potential buyers of your business to see that you can plan the future of your business for growth and that you meet that plan. This growth plan will need an understanding of the main drivers that increase future value of the business and focusing on them. Having the right plan ensures a higher value on sale for your business which maximizes your profit.
  • Step 5. Ownership Transfer Plan: How will the ownership be transferred to meet all the goals laid out in step 2 in the most effective and efficient way.
  • Step 6. Contingency Plan: A contingency plan is simply a proposed implementation plan that is triggered by some event, emergency or new information. The event or emergency may or may not happen but is liable to create significant business problems, potential or real liabilities if not dealt with quickly.
  • Step 7. Estate Planning: It is important to recognize the fact that the government has set the rules of the game and without proper estate planning your family can easily end up on the losing end.

Contact us today to learn how our corporate succession planning & small business & family business succession planning strategies can help you establish a solid roadmap for sustainable success.