Simple Steps for Exiting Your Business

 SCORE offers resources and tools for business valuation, choosing a successor, exit strategies, retirement planning options, leaving a legacy and more.

The statistics on a business surviving through multiple generations are staggering. Just making it through the second generation is a milestone event for a business. Making it through the third generation is rare and making it to the fourth generation is almost unheard of. The good news is business owners can buck these trends with proper training. This three part workshop, developed by SCORE, will help you plan for the next stage for your business, for yourself, and for generations to come.

 Part One: Succession Planning -  James Dannhauser, SCORE, James Callahan, Attorney

Entrepreneurs will understand the steps to planning for the eventual transfer of the business. This includes knowing the value of the business, choosing and preparing the appropriate successor, and having it all in writing. At the end of this session, participants should be prepared for a variety of voluntary and involuntary business exit strategies.

 Part Two: Retirement Planning -  Michaela Herlihy, Beacon financial

Once business owners have determined the next steps for their business to include the financial worth, they can start focusing on the next steps in their own lives. In this session we will discuss issues that arise by having your business be your retirement planning.

Part Three: Estate Planning -  Erin Barnes, Attorney

Part three discusses multiple future planning scenarios, including the difference between estate reduction, liquidity and equalization, and the planning documents needed to leave a lasting legacy. It’s never too early to start planning ahead!