Whether your goal the whole time was to build up your company and leave it in someone else’s capable hands at just the right time, or perhaps your business goals changed and the time to move on came sooner than anticipated, the advice of these area professionals will help you begin the process—making it less complicated and more beneficial for all involved.
Harry Scheyer (pictured, left)
CPA/PFS, CFP, CExP, Principal Member
Pinnacle Financial Advisors
“The real question is ‘When is it the right time to plan for a sale or transition of your business?’ And the answer is: It’s never too early. Leaving your business is inevitable, whether by design or default—with only one opportunity to get it right. Your first step is to meet with a certified exit planner who can help you measure your personal, business and market readiness. This assessment will determine your ability to transition or leave your business successfully at the time of your choosing. If ready, the planner will then work with your business professionals to create a written roadmap to transition your business to your intended recipient at the lowest risk, highest after tax value and on your timetable.”
Dave Cantera (pictured, right)
Tannenbaum & Mehta,
“The right time to sell a business is always when it has peaked or leveled off and you can get the best price for it. A good business owner has invested his/her time wisely and built the business up over time. As with all things, what goes up must come down. The question is when not if. There are other factors that influence the decision that you have no control over such as health or family issues, retirement/ burnout, and forced relocation. Other considerations include where you invest the proceeds. You should have a better or at least reasonable investment return on the proceeds received from the sale. Whenever you consider selling, the best first step is to get the advice of a professional business broker. Most have a real estate license and have an agency requirement by law to perform a fiduciary responsibly to their client over and above their own interest in the commission.”
Published (and copyrighted) in South Jersey Biz, Volume 2, Issue 2 (February, 2013).
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