Business owners looking to sell and retire.


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The challenges when looking to sell and retire:

  • Don’t know or aren’t exactly sure how much their business is worth.
  • Don’t know how the sale of their business aligns with their retirement income plan and assume that the proceeds of the business should just be invested to create interest that they take as income. This still leaves the risk that a person will run out of money before they complete retirement.
  • Not working with the right professionals that will help get the results they are looking for.
  • The financials are neglected or done incorrectly such as Profit Loss statements, Tax Returns, and Cash Flow Statements.
  • Money is reinvested into the business without an idea on how the investment will increase profits/value.
  • The business is the owner’s personal bank and money is taking out quickly.
  • There is an excessive amount of cash inside the business without a plan on how to use those funds for the business or to build the owner’s personal net worth.
  • The owner is more interested in saving taxes through unnecessary business expenses without knowing the true impact to the value of the business and profits.

Our Process to Proactively Control These Challenges:

Meet to Learn About Your Business, The Plan, and Help You Dream
  • Business owners often struggle with knowing what they want from their business. You spend so much time, money, and invest your life into building a successful business. How does all that work together when you want to get out of the business and work on other hobbies or work on your own terms? We spend time to talk about what steps you have taken, organize your thoughts on what you truly want to accomplish, and lay out the next steps for us to work together.
  • Most business owners have a large portion of their identity in their business. Selling the business can be very emotional and always seem like an impossibility because the owner isn’t sure what they would do with their time afterwards.
  • Dreaming and considering what life would look like post sale takes time and effort. Business owners spend so much of their time building their business it can be hard choosing a direction when there is an unlimited amount of options to spend time on.
Determine How You Want to Sell Your Business
  • What is your plan to get out of the business? Many wait until the last moment because they are now burnt out but the longer you wait the less options there are. When we can plan these things in advance you can decide how you want to leave on your own terms.
  • A time frame should be considered but at the end of the day the plan should be flexible to move the timeline up sooner or moved to later based upon the business owners objectives should the business owner change their mind about when they want to exit.
Work with a Personal Financial Assistant to Organize Your Business and Personal Finances
  • Your finances might look like the junk drawer in your business. How do you make efficient financial decisions when all the pieces of your business and personal finances live in different places? You will receive one on one time with a financial assistant to organize all your finances into one spot.
Review and Adjust to Protect the Risks in Your Business and Personal Finances
  • As you build up assets, grow your business, and go about your daily life, there are an abundance of risks present. Often you might find there are risks that you didn’t even know about or how a specific risk impacted your ability to grow and sell the business. We touch on the purpose for certain insurances, documents, and how to take that step to get you fully protected from most unknowns.
Structure and Implement a Plan on How to Get Your Business to Save for You
  • You might find that the business checking, or savings account, has a lot of cash building up inside. The initial reaction most people have is to pay off a personal debt or maybe expand the business. Your business should not be the source of your wealth for retirement but the main contributor to build up your wealth. Inside your business there exists dead cash and new business profits. We want to help you get clarity on what should stay in the business, what should be taken personally, and how the business value can be increased the right way.
Review How You’re Engaging and Growing the Business through Your Team
  • Have you considered offering perks and benefits to your team? If you do, how would you categorize them when you think about recruiting new talent, rewarding your team based on what they can control, and retaining those that can change the culture or cause the business profits to decline if they left? We spend time with you to understand and implement these plans.
Collaborate with Other Professionals
  • There are many financial decisions to make and as your business grows there is the need for someone to handle your taxes, an attorney to create compensation agreements, insurance agents to sell you insurance, and the list goes on. When making decisions each person needs to be aligned with your overall plan and as we guide you the goal is to bring these people on the same page.
Review, Update, and Adapt.
  • Life changes. Your Reasons for Planning change. We need to proactively meet to review, discussion, and talk about what has happened but most importantly your plans for the coming 6 months to a year.

Contact us today to get started!