Checklist: What Issues Should I Consider When Planning for the Sale, Disposition, or Succession of My Business?

Planning for the sale, disposition, or succession of one’s business is a challenging process. This topic may be on your mind as a business owner, yet many struggle to take action and start planning.

Where should you start? What questions should you ask when addressing your exit strategy?

One thing to note: we RARELY hear people say they started the process too early. Consider starting earlier than you have planned, as these transitions are often years in the making.

This checklist covers key issues to consider when making decisions regarding the sale, disposition, or succession of your business, such as:

  • Identifying an optimal successor to take over the business.
  • Considering ways to improve the business appraisal and valuation process.
  • Developing an optimal buy-sell agreement that is fair to all parties involved.
  • Understanding the impact one’s business has on their tax and estate planning goals.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.  

Published for the blog on March 30, 2023 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.