EPI Members $20 *Members must log into the EPI Member Center to receive the member pricing.
Family Transition of a Business: Discuss the challenges and solutions to executing a family transition. The most common emotions at play when an owner is trying to decide to transition and to whom.
The Exit Planning Institute delivers interactive education and training, performance-enhancing resources, and strategic tools designed to enhance the exit planning profession.
EPI Members $30  *Members must log into the EPI Member Center to receive the member pricing. In this interactive panel discussion, three owners who have exited their business will discuss their experience throughout the process, what they would do differently if they could do it over again, how helpful (or not) their advisors were to them in the process, and their life after exit. Advisors are encouraged to invite their clients (and prospective clients) who have not yet exited their business to attend. Send to clients to introduce them to the advantages of our free exit planning services and prepare them for your next contact.
Use this piece to introduce business valuation and help establish your client’s need.
Use this approach letter to introduce clients to the advantages of our free exit planning services and prepare them for your next contact.
Use this post card to introduce clients to the advantages of our free exit planning services and prepare them for your next contact. Let our Advanced Solutions team prepare an informal business valuation and comprehensive business continuation proposal for your client.  Take a look at the sample proposal to see the valuable ideas and sales opportunities that can be uncovered with our Informal Business Valuation services. Use this piece to gather important client information to receive a customized proposal package. Our team of Advanced Solutions exit planning experts is available to provide all the support you desire – every step of the way!  After preparing your proposal, they will consult with you to review recommendations and discuss sales opportunities. When it comes to funding and providing administrative services for your exit plan clients, our experts leave nothing to chance – helping you every step of the way.  We offer a broad portfolio of competitive products, sample agreements and top-notch service during the sale and throughout the life of the plan. Aside from starting up, how you handle your exit is possibly the most important and tricky stage of your life as a business owner. Too many owners spend years carefully growing their business – only to mess up their exit plan and see their hard work go to waste.
This article is intended as an introduction to exits for business owners, and should be a helpful starting point when putting together an exit plan. We cover how to plan for an exit and set your objectives and the different ways you can actually exit a business. Consider your aims as a shareholder, a business owner and as a manager as these may be quite different. Maximum price. Your goal could be to maximise your return on investment, at the expense of the exit falling through.
Pass the business on to a preferred management team or family member. MBOs and family succession planning can come with issues quite separate to selling a business.
When planning your exit, you might have your wider business development goals in mind, which a sale or exit could help meet. Raising growth capital. An exit could raise an important lump sum to take your business to the next stage. Gaining an advantage over competitors. If you are acquired by a customer or supplier, you could reap the rewards of streamlining the supply chain. Creating an economy of scale. Especially if you are acquired by a larger competitor, you could substantially reduce your costs and reap the rewards of the better deals and more favourable contracts they have.
Retaining key employees. If your exit results in better job security or prospects for key people, they will be incentivised to stay. As a manager, your objective when exiting a business could be either ending your involvement or carrying on.
Ending your own involvement is easier in some exit routes than others; a straightforward business sale provides the biggest chance of a clean break, whilst an MBO is more likely to require you to stay on in some capacity. However, perhaps you run a consultancy-type business in which your own skills and experience play a crucial role, or perhaps you just want to continue working for the firm because you enjoy it.
Grow profits every year.To cut down on corporation tax obligations, many businesses reduce their year-end profits by, for example, bringing forward important spending. Get your book-keeping systems and accounts in order. If you sell a business, it will have to go through a thorough due diligence process.
Reduce the risk your business faces. Cut down on uncertainty by incentivising key employees to stay with the business through share schemes, tying down suppliers and customers to long-term contracts, protecting your intellectual property rights, buying premises or agreeing long-term office leases or taking steps to maximise capital gains tax relief.
The entrepreneur’s relief scheme gives you a reduced rate of CGT on the sale of a business, up to a maximum lifetime allowance of ?10m.
Sell the business. Read our article on selling a business for a more in-depth view on what this involves.
Float on the stock market. This is only a partial exit strategy, as you generally have to retain some stake in your business in order to go public.


Merge with another company. It can be difficult to plan for a merger, unless you have a specific company in mind that would complement your strengths as a business. Liquidate the company. If all else fails, you could simply sell your assets, cease trading and shut down the business.
In the vast majority of cases, a straight trade sale of a business is the way to go if you want to achieve the best value when exiting. The above is only a very brief overview – for a more complete guide, read our article on selling a business here. Raise the possibility with your management team. Make sure you don’t make any promises at this stage – just try and gauge the level of interest.
Give your team the necessary training in running a business. Any VCs or banks backing an MBO will want to be satisfied that the team has the skills necessary to take over. Handing over the reins to a family member is a sound idea in principle, but in practice, blurring the line between business and family can raise a whole host of issues.
Involve a neutral third party. A third party such as a non-executive director can provide an objective view of the process and ensure your feelings towards your family don’t get mixed up in your exit plan for the business.
Identify and train a successor. Make sure the family member has enough knowledge and skills to seamlessly take over the running of the business.
Discuss your vision for the business with your successor. Your chosen successor might have very different ideas to you as to where to take the business.
Consider the tax implications. Handing over the business to family can see you benefit from various tax schemes – talk to your accountant. Have a plan B. You might have a grand vision of handing over the reins to your son or daughter, but ensure you have a backup exit plan if they are not interested.
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Read our White Papers and Articles to will help you begin the process of getting UNSTUCK in your business. Many business owners start thinking about an exit plan for their business at the very last minute.
With an exit plan and strategy in place, a roadmap for business growth and core development in progress you now have the leverage to exit your business with success. Our MissionWe assist businesses with developing a Big Picture Canvas with an emphasis on building a strong business core of essential operations.
Business succession planning doesn’t seem a priority (or indeed, relevant) when your first set up in business.
As you have no say as to when that first certainty of life will occur, it is imperative that estate planning be undertaken as soon as possible, if you haven’t already done so.
This is not something that is done overnight – and one second post-mortem is too late.
In the corporate world, succession planning means ensuring there is a smooth transition of personnel for a business role ie having the right person to fill a position when it is vacated, whether voluntarily or involuntarily by the incumbent. For a privately owned business, management succession is important and indeed critical if it involves family within the business. Addressing all these issues sounds messy and time consuming but it doesn’t have to be if approached in a methodical fashion with professional guidance and advice.
Consider: You are now financially secure, you have enough money to take care of your needs now and into the future, how would you live your life?
Now consider what are the things that are stopping you achieving the things considered above?
Where does my business (really) fit into me being able to achieve my personal and financial goals? It will also give you some sense around some of the issues which may currently need to be worked on in the business to improve your position and make succession possible.
This information was produced as an information service and without assuming a duty of care. Chris McGlinn an Authorised Representative of Strategic Financial Solutions Pty Ltd, AFSL 222828 and Principal of Soluzions Group Pty Ltd, Corporate Representative No: 287743.
In addition, an owner who has not yet exited his business but plans to do so in the next three years will share his concerns and thought process on his future exit.
You will then learn how to perform specific types of exit, namely trade sales, management buy-outs and handing over the reins to a family member.
When you started your business, it’s likely you had an eventual exit in mind, and you may have even come up with a timeframe for doing so. Your main objective could just be to exit with enough money for retirement or have a decent nest-egg for a rainy day. It could fund new hires, back product development or allow your business to enter a new market. Whatever the reason, ensure you are comfortable with the concept of someone else owning and deciding the overall direction of the business – sell it, and you become a mere employee.
Whilst this can be a smart tactic, you should focus on producing a healthy set of figures in the years leading up to an exit.


If you put the groundwork in place, this will make the process much quicker and vastly increase the chances of a successful sale. Ensure you are up to speed with employment law, health and safety law, and your tax and National Insurance obligations.
Take advantage of this by re-investing spare cash to grow the business, rather than in savings or investments. MBIs involve an external management team taking control of the business after raising the necessary finance. You may wish to avail of a corporate finance adviser, non-executive director, corporate lawyer, accountant or business valuation expert. Create a healthy set of finances, cut down on risk, tidy up your premises and equipment and improve management information systems to present your business in the best light to possible buyers. Play off buyers against each other to get the best deal, and be prepared to undergo an onerous due diligence process once you’ve accepted an offer. They will have to approach VCs and banks for funding, unless they already have the funds ready to go. The deal might be structured in various ways – they could acquire it over a number of years using their share of the profits or all at once. They should be intimately involved in management for some years leading up to the eventual handover, or you could give them management experience elsewhere. For millions of business owners who are looking to retire or move into a new phase of life, their exits often times lack the planning that will ensure acheiving their personal goals.
Implementing a successful and profitable exit will require the coordination of many individuals, both inside and outside of your company. Generally you don’t have a lot and you just want to get on with starting your business.
What strategies do you have to put in place to achieve the desired outcome for your post-business years? Further, as the process inevitably involves other people, particularly family and key stakeholders, it can become emotionally charged. Whilst a key advisor may be able to guide and a business owner through the process of succession and exit planning, including estate planning, it is likely that they will only do this effectively when they stick to the things they do best and co-ordinate and collaborate with other specialist professionals.
At the very least, you should plan for an exit a few years in advance – this allows you to direct your business towards an exit by getting it in the best shape possible.
In this case, you would be willing to accept slightly less when selling the business in order for the sale to go through. It is normal practice to sound out potential buyers anonymously through your corporate finance adviser. Get them to legally commit to buying the whole business in a signed contract so they won’t be able to change their minds. It does not constitute financial advice and should not be relied upon as a substitute for financial or professional advice.
Core capabilities cover specific aspects of personal financial planning, business succession and exit planning, business strategy, retirement planning including self managed superannuation, and estate planning. This is your opportunity to enjoy the hard work and efforts of the investment in your business. An exit plan is something that is comprehensive and must be shared with all the stakeholders involved.
At least you now have a better idea about the issues and can engage the right experts to draft agreements, wills, look after taxation issues, assist with retirement planning, estate planning etc. In preparing this information, the author did not take into account the investment objectives, financial situation or particular needs of any particular person.
Business exits, successions and transitions are a process that takes time, patience and a steady hand on the tiller. Yours requires uniques solutions that take into account your motives for the exit, your future goals and the business exit options that best fit your situation.
Even if the business has a sole owner, there are still others that may have to know what the game plan is, including the team of advisors, family members, key employees, other partners and many others. In most cases it is very simple – They are looking for the future cash flows that your business can generate. Before making an investment decision, a person needs to consider (with or without the advice or assistance of an adviser) whether this information is appropriate to their needs, objectives and circumstances. We can’t emphasize enough how growing your business is so critical to helping you exit.
The information in this presentation is based on our interpretation of relevant laws as at 30 November 2009 and is subject to change.
It creates more exit options, greater leverage and significantly higher probability that you will be able to extract the business wealth you’ve created.



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