“I can’t play golf every day.” “My wife wants to see more of me — but not at every breakfast, lunch, and dinner!” “What do other ex-owners do after they’ve sold out?” Failing to answer these concerns can create vacillation, reluctance, and ultimately, an unwillingness on the part of many owners to proceed with planning [...]
Myth: “My CPA will tell me when it is time to start planning for my business transition.” (Replace CPA with “attorney,” “financial planner,” or “insurance professional” and the myth remains intact.) Fact: Your advisors, be they CPA’s, attorneys, Financial or Insurance Professionals, may not initiate planning discussions primarily because you have not told them you [...]
Four characteristics of a successful Employee Incentive Plan. Namely, such plans should: Be specific, not arbitrary, and be in writing; Be tied to performance standards; Make substantial bonuses; and Handcuff the key employee to the business. The goal of the handcuff is to keep the employee with the company the day after and even years [...]
Why You Need To Know The Value Of Your Business Today, Even Though Your Exit Is Years Away. In today’s economy, no one wants to spend money on something they don’t need today. So why do you need an estimate of your company’s value when you don’t expect to leave for several or many years? [...]
Insider transfers are not only doable, but, when compared to outside sales, they may be more likely, less risky and more lucrative than many owners imagine. Doable, less risky and more lucrative for whom? Let’s look at owners whose objectives might be met by transfer to insiders. Owner A: “I want to get out, but [...]
|
|
|
|
|
|
|
