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Great Article, Shop Owners Must Read


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I know this may be long way off for some shop owners, but every business owner needs to think about an exit strategy. Our future is dependent on the strength of our business that exists today. Our exit strategy is not something way off in the future, it must be part of our daily plan.

 

Below is a link to an interesting article that addresses this subject.

 

http://bit.ly/4JHOLM

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Yes, I have been planning. Part of the reason I redeveloped my property is to insure that I have a marketable business with desirable commercial buildings.

 

I re-did my will a few years ago and put my entire business on a written business plan.

 

I don't think my business will be taken over by my family. That remains to be seen. But, I am exploring the idea of an employee purchase option. I have few key workers that actually run the business for me now.

 

I don't have any immediate plans for retirement or a set date. But, my plan is to have options within 6 years.

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Yes, I have been planning. Part of the reason I redeveloped my property is to insure that I have a marketable business with desirable commercial buildings.

 

I re-did my will a few years ago and put my entire business on a written business plan.

 

I don't think my business will be taken over by my family. That remains to be seen. But, I am exploring the idea of an employee purchase option. I have few key workers that actually run the business for me now.

 

I don't have any immediate plans for retirement or a set date. But, my plan is to have options within 6 years.

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I think there are many shop owners today that are at that age where they realize that they need to plan for the future. Too many shop owners years ago walked away after a lifetime in business, only to lock their doors with very little to show for their years of hard work.

 

We are of a different breed. We work hard, but want more than just memories.

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I am new here. Some points to exiting your business from parallel life (my main business is health care.)

 

1. Don't wait until your business is on the skids to sell. A failing business gets only inventory/equipment at depreciated value.

2. Use a business consultant and attorney to help with the deal. Check several consultants to make sure they are not raping you. You don't want to

make mistakes like leaving leases in your name.

3. If you are financing the deal, check on the new owner monthly.

4. Have something else to do.

 

Good Luck.

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GeeZ, welcome to the forum. Those are all valid points. What is your involvement with healthcare and how are you involved in the automotive business?

 

I am a pharmacist and operate a home infusion biz (i.v. in the home) with another pharmacist who is my business partner. www.ivavitalcare.com. I am the senior partner (having put most of the money in) in a performance garage. www.powerfabauto.com. I have been a sports car freak for many years but know NOTHING about operating a garage, I joined this forum hoping to learn something.

 

Thanks for the welcome.

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This Life Insurance needs calculator may be a planning tool that will be useful for some. Planning ahead is something we all need to do.

 

Life Insurance - Insurance needs calculator results - LIFE Foundation

 

It's a great point, and one that is often overlooked. A lot of us may think nothing will happen to us, but the reality is we need to prepare for the worst. We also owe to our families to have them protected.

 

Tough subject, but we all need to deal with it.

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As a New BannerBuzz.com Customer You Get 20% Off Your First Order! Use Code: FIRSTORDER for 20% Off Custom Banners, Decals, Marketing Materials, and Any Custom Print Needs! Offer Does Not End


As a New BannerBuzz.com Customer You Get 20% Off Your First Order! Use Code: FIRSTORDER for 20% Off Custom Banners, Decals, Marketing Materials, and Any Custom Print Needs! Offer Does Not End


As a New BannerBuzz.com Customer You Get 20% Off Your First Order! Use Code: FIRSTORDER for 20% Off Custom Banners, Decals, Marketing Materials, and Any Custom Print Needs! Offer Does Not End

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