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Business Exit Strategies

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Choose a Suitable Business Exit Strategy for You

Owning a business is an incredible experience, but not every business relationship lasts forever. You may want to retire, or cash out to move into another industry. When you sell a business, one of the greatest questions concerns how much of what you’ve worked for will be lost in taxes, and how much you’ll get to keep. Having helped business owners through this process before, we can suggest strategies to ensure you’re able to exit smoothly, paying the IRS only what they’re due, without leaving a tip.

When To Create an Exit Strategy

There is a common misconception that owners should review exit strategies as soon as they have doubts about staying in the business. Exit planning should begin long before that. Some exceptionally proactive professionals recommend planning the end at the beginning. That advice is excellent but can be overwhelming, so we recommend just starting as soon as possible.

Why You Need an Exit Strategy

Whether you see the business as your lifelong passion or a transient source of income, situations arise that could necessitate an exit. Here are a few:

Chronic or Prolonged Illness

Changes In The Family That Require Shifting Priorities

Changes In The Tax Code

Retirement Goals

How To Create a Business Exit Strategy

The sale or transfer of your business is a complex process, and we recommend having a strategy in place far in advance of the time you hope to exit. We can work with you to identify the right professionals to create a team to help plan this transition in the smoothest way possible. We work with attorneys, accountants, realtors and business valuation experts whom we can recommend, or we can work with your existing team. 

Why Choose Norberg Wealth Management

·        We can help you assemble a team of proven professionals, leveraging our partnerships to find the right persons for the job. Because our practice focuses primarily on business owners like you, we have years of experience to put to work on creating and executing a plan that’s tailored to you and your company.

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