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EXIT PLANNING WORKBOOK
FOR BUSINESS OWNERS
Helping you select a business exit planand secure your financial future
Every business owner will stop being an owner atsome point, and the number of possible exitroutes for a business owner can seem unlimited.
For most owners, the business is their mostsignificant asset, and as a business owner, youneed an exit plan that reflects the dedication thathas provided you and others with success. That’swhy our mission, as your exit planning advisor, isto make sure you take those successes with you.
OUR MISSION
Kris Maksimovich, AIF®, CRPC®PLAN | PROSPER | PROTECT18170 Dallas Parkway, Suite 103Dallas, TX 75287(972) 931-3818
Securities offered through Commonwealth Financial Network®, Member FINRA (www.finra.org) / SIPC (www.sipc.org), a Registered Investment Adviser. Advisory services and fixed insurance products and services offered through Global Wealth Advisors, a Registered Investment Adviser, are separate and unrelated to Commonwealth.
©2017 BEI.
As a member of The BEI Network of Exit Planning Professionals™—arespected Exit Planning network in North America—our firm uses The BEISeven Step Exit Planning Process™, a systematic process that is universal inits practice, but unique in its outcomes. We believe the Process worksbecause it centers on your goals, your situation, and your needs. We haveused the Process for businesses of various sizes, scopes, and industriesacross North America, helping owners who implement the Process to exittheir businesses on their terms.
We look forward to learning about your unique goals and helping youcreate an Exit Plan that lets your family, your business, your community,and, most importantly, you enjoy your business exit in style.
This workbook is presented by Kris Maksimovich, Global Wealth Advisors,[email protected], a Member of BEI’s International Network of ExitPlanning Professionals™.
Building Rome and planning a business exit have much in common. Bothrequire strong foundations. Both should be able to withstand unforeseenevents and adapt to the needs of Caesar (i.e., the owner). Both requiremore than a day.
STRONG FOUNDATIONIn our opinion, business exits are successful only when they meet all threeof an owner’s primary objectives:
• Leaving the company on the date an owner chooses.• Leaving the company to the successor that an owner chooses.• Leaving the company with the amount of cash desired to secure a
comfortable post-business life.
You may have additional objectives, which we will explore as we createyour Plan. The foundation of your Exit Plan will be your objectives, notours.
FLEXIBILITY AND ADAPTABILITYGreat Exit Plans keep owners on track toward successful exits. They providefor changes to the company, to the makeup of key management, tocompany profitability, and to the owner’s health and personal life. Thoughwe do put Exit Plans in writing so that you can hold your advisorsaccountable for their progress in moving you toward your exit, Exit Plansare not chiseled in stone. If you change your mind about leaving yourcompany to a child or if a third-party buyer unexpectedly approaches you, awell-designed Plan adapts.
PLANNING TAKES TIME“How much time does it take to plan a successful exit?” is a great question.The answer depends on your objectives and your answers to our manyquestions: Do you have a strong management team in place? Does thatteam want, and is it prepared to pay for, your ownership interest? Is yourcash flow growing? Are there third-party buyers active in yourmarketplace?
We can’t tell you exactly how much time will elapse between today andyour retirement party. We can tell you that the more time you give us toplan, the more successful our strategies will be. On the next page, weprovide a snapshot of a “typical” Exit Planning timeline. Of course, we’vecreated both shorter and longer timelines for our clients.
EXITS AREN’T BUILT IN A DAY
EXIT PLANNING TIMELINEA seven year process*
*We’ve used a seven-year timeline to illustrate all of the planning activities included in thetypical Exit Plan. Your timeframe may be significantly longer or shorter.
SEVEN STEP PLANNING PROCESS
We use an approach to Exit Planning that was developed by attorney andauthor John H. Brown over 20 years ago. This process has been used bythousands of owners across North America in a wide variety of industries.We use it because it focuses on your objectives, such as helping build valuein your company, minimizing your tax liability*, maximizing your financialreturn, planning for contingencies, and incorporating your personal wealthplanning. In this Workbook, you’ll see how each element is critical to yourcomprehensive Exit Plan.
USING THIS WORKBOOKWe ask you to answer either “yes” or “no” to each of the questions we ask.Please rate the importance of each “no” answer so that we can create anaccurate assessment of how prepared you and your company are for yourexit.
As you answer our questions, you may want more information aboutcertain Exit Planning topics. Each Next Steps box lists resources that we’dbe happy to provide. Just ask!
WORKBOOK ORGANIZATIONProceed step-by-step through the Global Wealth Advisors business exit planning process.
Sections to follow include:1. Exit Objectives2. Business and Personal Financial Resources3. Building and Preserving Business Value4. Selling Your Company to a Third Party5. Transferring Your Ownership to Insiders6. Business Continuity7. Personal Wealth and Estate Planning
* To ensure compliance with requirements imposed by the IRS under Circular 230, we inform you that any U.S. federal tax advice contained in this communication, unless otherwise specifically stated, is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another party any matters addressed herein.
ONE OWNER’S EXITPLANNING SUCCESS STORY
Mike had been thinking about exiting his company for several years andhad recently spoken to a few business brokers who thought they could sellhis business for about $1.5 million—about half the amount Mike wanted.In terms of exit date and successor, Mike was flexible: If he could net $2.5million from a third party, he’d exit immediately. If it took 10 years to get$2.5 million (net after tax) from his employees, he could wait.
To accomplish Mike’s objectives, we created a written Plan that called forgraduated sales of ownership interest to his management team, providedthe business met annual performance standards based on increasing thecompany’s cash flow, year over year.
According to the Plan, over the next four years, Mike’s management teamwould pay him $1.3 million net after taxes while Mike maintained fullcontrol of the business. Because Mike’s company’s value and cash flowincreased during that time, the bank was willing to finance the employees’final payment of $1 million.
On the day of his exit, Mike sold his company:
• For the amount he wanted.• To the buyer he chose.• Within his desired time frame.
Whether your company is worth $1 million or $150 million, that’s asuccessful Exit Plan.
The example provided herein is hypothetical and used for illustrative purposes only. It includes fictitious namesand does not represent any particular person or entity.
An Exit Plan is successful only if it takes you to the destination you choose.Earlier, we talked about the three primary goals:
• Leaving the company on the date you choose.• Leaving the company to the successor you choose.• Leaving the company with the amount of cash you desire to secure a
comfortable post-business life.
Owners also have secondary objectives that can significantly influence theirExit Planning choices. For example, you may want your exit to benefitcertain key employees, or you may wish to pass wealth (with minimal taxconsequences) to family members.
Do you have any secondary or additional Exit Objectives? ____ Yes ____ No
If you answered “yes” to this question, please list your additional objectivesand rate their importance to you. 0 = N/A. 1 = Not Important. 2 =Somewhat Important. 3 = Important. 4 = Very Important. 5 = Critical.___________________________________________IMPORTANCE:_________________________________________________IMPORTANCE:_________________________________________________IMPORTANCE:_________________________________________________IMPORTANCE:_________________________________________________IMPORTANCE:______
YOUR EXIT OBJECTIVESStep1
“You’ve got to be very careful if you don’t know where you’re going,Because you might not get there.” – Yogi Berra
If you answer “no” to a question, please indicate how important the issue is toyou using the following scale: 0 = N/A. 1 = Not Important. 2 = SomewhatImportant. 3 = Important. 4 = Very Important. 5 = Critical. Without a rating, wecannot create an accurate Exit Plan Assessment.
1. Have you chosen your Exit Path and/or successor?_____YES _____ NO IMPORTANCE: ______
2. Have you established the date (e.g., May 1, 2027) on which you wish to stopworking in and for your business?
_____YES _____ NO IMPORTANCE: ______3. Have you prioritized your Exit Objectives?
_____YES _____ NO IMPORTANCE: ______4. Do you know how much money you may need, annually, after you leave
your business to live a comfortable post-business life?_____YES _____ NO IMPORTANCE: ______
STEP ONE ASSESSMENT
NEXT STEPSMy next step is to... ____ Read the article, “Exit Planning Begins With”,
Step One: Set Goals. ____ Read Exit Planning: “The Definitive Guide”,
Chapter One: Goals. ____ Meet with you to discuss and clarify my Exit
Objectives.
In Step Two, we establish (a) the value of what you have today (i.e., thevalue of your business) and (b) your business’ potential cash flow over thenext few years. We’ll learn whether there is a shortfall between theamount you want or need from your business (when you exit) and theamount you have now.
Unless we know the value of your company, or the amount of after-taxcash you can expect to receive from its transfer, it is impossible todetermine whether your financial objectives (stated in Step One) can bemet.
If your financial objective cannot be met today, a business valuation will tellus how much your company must grow before you can exit. If, on the otherhand, you are ready to exit and your company will sell for an amount thatwill make you financially secure for the rest of your life, there aresignificant risks if you choose to delay your exit. If you find yourself in thissituation, let’s talk about those risks and your willingness to take them.
YOUR BUSINESS AND PERSONAL FINANCIAL RESOURCESStep2
When you complete step two, you will know...
What your company is worth. The current and future value of the personal financial assets you have in place. What those assets will be worth in the future.
If you do not have a current “thumbnail” valuation of your company or have not recently completed a Personal Financial Needs Analysis, we can connect you with the appropriate professionals to help you.
If you answer “no” to a question, please indicate how important the issue is toyou using the following scale: 0 = N/A. 1 = Not Important. 2 = SomewhatImportant. 3 = Important. 4 = Very Important. 5 = Critical. Without a rating, wecannot create an accurate Exit Plan Assessment.
1. Do you know the current value range of your business?_____YES _____ NO IMPORTANCE: ______
2. Do you know the projected cash flow your business will likely generate overthe next few years?_____YES _____ NO IMPORTANCE: ______
3. Do you know what value you will need from your business to meet yourfinancial objectives?_____YES _____ NO IMPORTANCE: ______
4. If there is a shortfall between the value you will need from your business andits current value, do you have a written plan to achieve the necessarygrowth in value?_____YES _____ NO IMPORTANCE: ______
5. Do you know what income your personal financial resources will likelygenerate beginning on your planned business exit/retirement date?_____YES _____ NO IMPORTANCE: ______
STEP TWO ASSESSMENT
NEXT STEPSMy next step is to... ____ Read the article, “Exit Planning and Cash
Flow: Define Your Terms.” ____ Read the article, “How a Gap Analysis
Prompts Owners to Act.”____ Read “Exit Planning: The Definitive Guide”,
Chapter Two: The Asset Gap. ____ Meet with you about a preliminary valuation
of my company.
We call the elements that build or preserve the value of a company ValueDrivers. Value Drivers that preserve value (e.g., effective financial controls)reduce the risks associated with owning the business. Those that buildvalue (e.g., a motivated management team) enhance the prospect that thebusiness will grow significantly in the future.
Value Drivers are important whether your Exit Objective is to transfer yourbusiness to insiders—your children or key employees—or you plan to sellto a third party. If transferring to insiders, Value Drivers must be in place sothat the business can generate the income stream you need to reach yourfinancial objectives. If you plan to sell to a third party, buyers look for—andpay top dollar for—effective Value Drivers.
In Step Three, we will identify which Value Drivers exist in your business,which are missing, and which are most vigorous. We also will examinewhich measures you’ve taken to protect your company’s intrinsic value.
BUILDING AND PRESERVING BUSINESS VALUEStep3
NEXT STEPSMy next step is to... ____ Read the article, “Helping
Owners Build Value.” ____ Read “Exit Planning: The
Definitive Guide”, Chapter Three: Your Role: From Hands-On and Head-Down to Hands-Off and Head-Up and Chapter Four: Accelerate Business Growth and Value.
____ Meet with you to discuss ways to build business value.
____ Meet with you to discuss ways to implement incentive planning for key employees.
VALUE DRIVERS
• A stable, motivated management team.
• Operating systems that improve cash flow sustainability.
• A solid, diversified customer base.
• Facility appearance consistent with asking price.
• A realistic growth strategy.
• Effective financial controls. Good and improving cash flow.
If you answer “no” to a question, please indicate how important the issue is to youusing the following scale: 0 = N/A. 1 = Not Important. 2 = Somewhat Important. 3 =Important. 4 = Very Important. 5 = Critical. Without a rating, we cannot create anaccurate Exit Plan Assessment.
1. Is your company’s future performance insulated from the performance (ordeparture) of one or more key employees?_____YES _____ NO IMPORTANCE: ______
2. Do you have a management team capable of running the company in your absence?_____YES _____ NO IMPORTANCE: ______
3. Are key employees/managers incentivized to increase the value of your company?_____YES _____ NO IMPORTANCE: ______
4. Do your current compensation programs promote the retention of key employees/managers?_____YES _____ NO IMPORTANCE: ______
5. Will company performance or your plans to exit the business remain unchanged ifone or more of your key employees dies or leaves suddenly?_____YES _____ NO IMPORTANCE: ______
6. Have you completed an employee compensation review and analysis in the last 12months?_____YES _____ NO IMPORTANCE: ______
7. Does your company have a qualified retirement plan that is well matched to youremployee incentive and retention goals?_____YES _____ NO IMPORTANCE: ______
8. Does your company have an established and diverse customer base?_____YES _____ NO IMPORTANCE: ______
9. Do you have a realistic, documented growth strategy that aligns with your overallbusiness and Exit Plan?_____YES _____ NO IMPORTANCE: ______
10. Does your company have effective financial controls to monitor and minimizeexpenses and maximize profits?_____YES _____ NO IMPORTANCE: ______
11. Have you done anything to transition your management responsibilities to othersso that they are ready to take over your business when you are ready to leave it?_____YES _____ NO IMPORTANCE: ______
12. Have you taken steps to protect your most valuable business assets (e.g., having keyemployees sign covenants not to compete or limiting access to trade secrets)?_____YES _____ NO IMPORTANCE: ______
13. Have you taken steps to isolate risk to protect business value?_____YES _____ NO IMPORTANCE: ______
14. Do you periodically review and adjust your strategies to minimize taxes upon aneventual sale or transfer of the business?_____YES _____ NO IMPORTANCE: ______
STEP THREE ASSESSMENT
If one of your Exit Objectives is to sell to a third party, you should completethis step of the Workbook and skip Step Five. On the other hand, if you arecertain that you will transfer your company to insiders, you may skip thisstep and move directly to Step Five.
Many owners either do not have a strong preference for a successor orrealize that circumstances may change over time. If you are not certainabout your choice of successor, complete Steps Four and Five, and we’ll useyour answers to help you explore the advantages and disadvantages ofeach Exit Path.
Preparing a business for sale to a third party and completing thetransaction take more time, focus, planning, skill, and stamina than manyowners expect. Keep in mind that only half of all businesses listed for saledo sell and that sale prices are influenced by the ups and downs of themarketplace. We believe that the best way to ensure the success of a third-party sale is to get organized well in advance of putting the company on themarket. In addition to improving the likelihood of closing the deal, doing sosignificantly reduces the stress on both you and your business.
SELLING YOUR COMPANY TO A THIRD PARTYStep4
NEXT STEPSMy next step is to... ____ Read the article, “Selling a Business to a
Third Party.” ____ Read “Exit Planning: The Definitive Guide”,
Chapter Eight: In Third-Party Sales The Time to Act Is Now.
____ Meet with you to discuss action items that can lead to a more successful sale of my business.
If you answer “no” to a question, please indicate how important the issue is toyou using the following scale: 0 = N/A. 1 = Not Important. 2 = SomewhatImportant. 3 = Important. 4 = Very Important. 5 = Critical. Without a rating, wecannot create an accurate Exit Plan Assessment.
1. Have you ever been approached by a third party wanting to buy yourbusiness?_____YES _____ NO IMPORTANCE: ______
2. Have you prepared your company for sale by completing pre-sale duediligence and addressing all issues identified?_____YES _____ NO IMPORTANCE: ______
3. Have you reduced your company’s debt in preparation for sale?_____YES _____ NO IMPORTANCE: ______
4. Do the legal and tax structures of your business real estate (whether ownedor leased) support a future sale?_____YES _____ NO IMPORTANCE: ______
5. Is there a formal plan in place to incentivize key employees to remain withthe company through a transition to a new owner?_____YES _____ NO IMPORTANCE: ______
6. Have you estimated the taxes that would result from various salestructures?_____YES _____ NO IMPORTANCE: ______
7. Are you aware of whether companies in your industry are selling and forwhat multiples?_____YES _____ NO IMPORTANCE: ______
8. Do you understand which non-financial features of your company wouldattract a purchaser?_____YES _____ NO IMPORTANCE: ______
9. Have you identified potential buyers who would benefit from purchasingyour company?_____YES _____ NO IMPORTANCE: ______
STEP FOUR ASSESSMENT
If you are considering transferring your company to insiders—familymembers, co-owners, or key employees—you are not alone. Especiallywhen a company is too small to attract the notice of a large third-partybuyer, owners prefer this type of exit because it:
• Yields more cash than a third-party sale.• Allows the owner to exit sooner.• Involves less risk, both in reaching the exit and in getting paid.
Transfers to insiders can be difficult, but if you are prepared to stay withyour company for several years, and if you and your advisors plan thetransfer carefully, the benefits are huge.
The biggest question owners have as they consider this type of sale is,“How can my children/employees/co-owner pay me what I want for mycompany when they don’t have a lot of money?” Effective and carefulplanning can overcome this difficulty, but planning takes time. If you areconsidering this type of transfer, you need to talk to your advisorsimmediately.
As you answer the following questions, you’ll notice that there’s a focus onminimizing income tax consequences for both the seller and buyer, and onacquiring the cash to pay the purchase price. If an Exit Plan does notcontain these two requirements, the transfer to insiders is unlikely toachieve all of your Exit Objectives.
TRANSFERING YOUR OWNERSHIPTO INSIDERSStep5
NEXT STEPSMy next step is to... ____ Read the article, “Selling a Business to
Insiders: Assessing the Prospects for Success.”
____ Read the article, “Selling a Business to Insiders: Successor and Owner Expectations.”
If you answer “no” to a question, please indicate how important the issue is toyou using the following scale: 0 = N/A. 1 = Not Important. 2 = SomewhatImportant. 3 = Important. 4 = Very Important. 5 = Critical. Without a rating, wecannot create an accurate Exit Plan Assessment.
1. Are you confident in the ability of insiders to pay you for your company?_____YES _____ NO IMPORTANCE: ______
2. Are you comfortable with the means insiders will use to pay you for yourownership interest (e.g., financing through bank loans, cash, or carry-backnotes)?_____YES _____ NO IMPORTANCE: ______
3. Are you certain that your insider transfer plan eliminates unnecessary riskand minimizes income and gift taxes?_____YES _____ NO IMPORTANCE: ______
4. Can you describe how you will create tax efficiencies in your insidertransfer?_____YES _____ NO IMPORTANCE: ______
5. Do you know how you would unwind an insider transfer if it turns out to bea mistake?_____YES _____ NO IMPORTANCE: ______
6. Do you understand the planning strategies that reduce taxes while meetingyour financial needs in an insider transfer?_____YES _____ NO IMPORTANCE: ______
7. Will your insider transfer plan upset any family members?_____YES _____ NO IMPORTANCE: ______
8. Does your successor have the necessary skills and knowledge to run thebusiness?_____YES _____ NO IMPORTANCE: ______
STEP FIVE ASSESSMENT
NEXT STEPSMy next step is to... ____ Read “Exit Planning: The Definitive Guide”,
Chapter Six: Maintain Control, Achieve Financial Security and Minimize Risk by Selling to Key Employees and Chapter Seven: Family Business Transfers: Planning That Works.
____ Meet with you to discuss strategies that can augment value and reduce SAMPLE risk in an insider transfer.
None of us like to think about what might happen to our businesses orfamilies if we were to die or become permanently incapacitated. Ownerswho do let that thought cross their minds stay awake at night worryingabout it and either push the thought away or engage in serious businesscontinuity planning.
Business continuity planning can protect your rights in several importantways. If your co-owner leaves the company, dies, or divorces, the businesscontinuity agreement can dictate what you will pay for the departingowner’s interest. Or, if you died or became permanently incapacitated, thebusiness continuity agreement could protect your family’s right to its shareof the company.
Most owners live to see the day they leave their companies, but some donot. The purpose of business continuity planning is to make sure that if youcan’t run your company, it will survive and your family’s financial securitywill be assured.
BUSINESS CONTINUITYStep6
NEXT STEPSMy next step is to... ____ Read the article, “7 Gaping Holes in Business
Continuity Plans.”____ Read the article, “Recommendations for
Common Holes in Business Continuity Plans.”
____ Read “Exit Planning: The Definitive Guide”, Chapter Ten: Death Need Not Sting Your Business Or Your Family.
____ Meet with you to discuss protecting my family if something happens to me.
If you answer “no” to a question, please indicate how important the issue is toyou using the following scale: 0 = N/A. 1 = Not Important. 2 = SomewhatImportant. 3 = Important. 4 = Very Important. 5 = Critical. Without a rating, wecannot create an accurate Exit Plan Assessment. If you are the sole owner of abusiness, please answer only Questions 1–6. If you co-own your business,please answer only Questions 7–11.
SOLE OWNERS:1. Do you have a written plan for your business if you die or become
incapacitated?_____ YES _____ NO IMPORTANCE: _____
2. Have you identified a person who can operate the business in yourabsence?_____ YES _____ NO IMPORTANCE: _____
3. Have you identified a person who can manage your business finances inyour absence?_____ YES _____ NO IMPORTANCE: _____
4. Would your death affect your company’s ability to secure or maintainfinancing arrangements?_____ YES _____ NO IMPORTANCE: _____
5. Is your plan for the disposition of your ownership at your death coordinatedwith your plans for an exit during your lifetime?_____ YES _____ NO IMPORTANCE: _____
6. Will employees essential to operations stay with the business if you die orbecome incapacitated?_____ YES _____ NO IMPORTANCE: _____
CO-OWNERS:7. Do you have a written agreement to transfer ownership upon specific
triggering events?_____ YES _____ NO IMPORTANCE: _____
8. Have you communicated your continuity plan to senior management?_____ YES _____ NO IMPORTANCE: _____
9. Would your death affect your company’s ability to secure or maintainfinancing arrangements?_____ YES _____ NO IMPORTANCE: _____
10. Is your plan for the disposition of your ownership at your deathcoordinated with your plans for an exit during your lifetime?_____ YES _____ NO IMPORTANCE: _____
11. Do you have sufficient insurance to fund an owner buyout?_____ YES _____ NO IMPORTANCE: _____
STEP SIX ASSESSMENT
As a business owner, you are in a unique position in the world of personalwealth and estate planning because your company represents a significantportion of both your net worth and your annual income. If your childrenare active in your business, your planning is even more complex. In StepSeven, we work to protect personal assets and manage wealth, both nowand in the future—all while promoting family harmony. These are loftygoals, but a well-balanced Plan requires no less.
PERSONAL WEALTH AND ESTATE PLANNINGStep7
NEXT STEPSMy next step is to... ____ Read the article, “Death and Taxes vs.
Preserving Wealth: The Final Exit Planning Contest.”
____ Read the article, “Three Estate Planning Questions for Business Owners.”
____ Read “Exit Planning: The Definitive Guide”, Chapter Ten: Death Need Not Sting Your Business Or Your Family.
____ Meet with you to discuss creating consistency between my business and personal planning.
If you answer “no” to a question, please indicate how important the issue is toyou using the following scale: 0 = N/A. 1 = Not Important. 2 = SomewhatImportant. 3 = Important. 4 = Very Important. 5 = Critical. Without a rating, wecannot create an accurate Exit Plan Assessment.
1. Have you taken steps to protect your family’s wealth from unnecessary taxliabilities and investment market volatility?_____ YES _____ NO IMPORTANCE: _____
2. Have you done any planning to ensure that your family receives the fullvalue of your company if you don’t survive?_____ YES _____ NO IMPORTANCE: _____
3. Have you considered gifting business interest today to eliminate or reducefuture tax liability?_____ YES _____ NO IMPORTANCE: _____
4. Do you have a plan to protect your personal assets from personal andbusiness liabilities?_____ YES _____ NO IMPORTANCE: _____
5. Have you reviewed your current life insurance to confirm that it is sufficientto satisfy the needs of your family and estate?_____ YES _____ NO IMPORTANCE: _____
6. Do you have a personal wealth accumulation plan?_____ YES _____ NO IMPORTANCE: _____
7. Does your estate plan clearly reflect your desires about the ownership,control, and ultimate disposition of your business interest?_____ YES _____ NO IMPORTANCE: _____
8. Will your family’s long-term financial needs be met if you were to dieunexpectedly?_____ YES _____ NO IMPORTANCE: _____
9. At your death, will any real estate interest associated with businessoperations be resolved according to your wishes?_____ YES _____ NO IMPORTANCE: _____
STEP SEVEN ASSESSMENT
Thank you for taking the time today to think carefully and answer theseimportant questions about your future. In doing so, you have started toassume control of the biggest financial event of your life.
When you return this Workbook to us, we will analyze your answers(confidentially, of course) and create a customized Exit Planning Assessmentthat will illustrate how prepared you and your company are (at each Step ofthe Exit Planning Process) for your business exit. We will review thatAssessment with you, answer any questions you may have, and talk abouthow an Exit Plan could help you achieve your specific Exit Objectives.
In completing this Workbook, you have focused your energy on “things thatmatter most”: your family’s financial security and your business legacy. Wehope you will use the resources we have made available and will thinkseriously about your business exit. Of course, we would be privileged to helpyou create a Plan to exit on your terms.
CONCLUSION
NEXT STEPSMy next step is to... ____ Read the article, “How Long Does a Business
Exit Take?” ____ Read the article, “Why Should You Exit Plan
When You Have No Plans to Exit?” ____ Read “Exit Planning: The Definitive Guide”. ____ Meet with you to discuss your Exit Planning
Process.
“Things that matter most must never be at the mercy of things thatMatter least. “ – Johann Wolfgang von Goethe
Please provide your name and contact information so we can send you the information you’ve requested and provide you with the results of your Exit Planning Assessment.
Your Name ____________________________________________
E-mail Address ___________________________________________
Home Address ___________________________________________
Phone Number You’d Like Us To Use*_________________________
(*Many owners do not want Exit Planning information sent to their businesses.)
Kris Maksimovich, AIF®, CRPC®PLAN | PROSPER | PROTECT
18170 Dallas Parkway, Suite 103Dallas, TX 75287(972) 931-3818
