Kevin Kennedy, President of Beacon Exit Planning LLC, discusses how to successfully exit your business. The information is not intended to be legal, accounting, insurance or tax advice.
Most owners continue to be stuck in their business until they can clearly see the path to replace their income and maintain their lifestyles in retirement.
The entire process of exit planning can be bogged down with the technical jargon of accounting, law, tax codes, estate planning, insurance and financial planning.
The purpose of this article is to simply differentiate “exit planning” and “succession” and outline the main points for a CEO to remember when succession planning.
Over the past 20-plus years, I have met with hundreds of business owners around the country consulting on a variety of topics including tax, business valuation, exit planning, and risk management.