Before any conversations occur with an exit planning attorney, before you can make any big decisions, it’s important to have a detailed understanding of your goals for yourself and your business.
Setting your goals is the first step toward creating the company that you dream of (and is really the base of your entire exit strategy going forward).
Below are just a few questions to get started:
1. When do I want to leave my business?
Do you plan to retire early? Do you want to work as long as possible? Do you want to build a business that can be sold quickly? Think it through…when do you want to exit?
2. What lifestyle do I desire after my exit?
Understanding the lifestyle you dream of after your exit is important. Do you plan to start another business? Do you want a lavish retirement? What annual income will be necessary to maintain this lifestyle?
3. Who do you picture carrying on your business?
Do you plan on leaving your business to a family member? A partner ? Do you plan to leave your company in the hands of an outside party?
4. What does your exit really mean?
Do you plan to leave your company completely? Would you like to be involved on some level? For how long?
5. Who will help you reach these goals?
Whether you’re looking to start a new company, or have been in business for decades, it’s important to have a strong team of advisors and exit planning professionals to help you make your goals a reality.
If you’re ready to start considering your exit strategy, contact Cherewka Law today. We will work with you and your tem of advisors to create an exit strategy that meets your goals and helps you earn the lifestyle you’re working for.