Love Law Firm November 2017

Isn’t it time you learned to love your lawyer? 626 RXR Plaza, Suite 659 Uniondale, NY 11556

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

516-697-4828 | www.lovelawfirmpllc.com

What I’m Thankful For INSIDE THIS ISSUE 1 2 Get More Out of the Lifetime Value of Your Customers

Client Spotlight

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The Mistake Made by too Many Business Owners

Around the Firm

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Creating a Business Exit Plan

DO YOU HAVE AN EXIT PLAN?

As an entrepreneur, your main goal

do you want out of the company you’ve created? Typically, we begin working with owners on a three-to-five-year horizon.

throughout your career is likely to grow your business to be as successful as possible. However, you may not have

If you decide you want to sell your business, start the process by identifying potential buyers and determine how they make purchases. Determine how organizations value other companies and how they’ve integrated or purchased those companies. Begin creating processes within your business so that someone else can come in and take it over easily. If you want to transition the power over the business to a family member, you need to look at the procedures and steps that will ensure a secure transfer. This means training, education, and practice — grooming, if you will — for the person who will ultimately lead your business. Even more importantly, you need to transition your authority and credibility over to your successor. Succession planning is just as important as company growth. Without careful preparation, your business could falter under the weight of an inexperienced leader or a company with opposing values. Carefully plan your exit strategy, so you can enjoy your retirement and your company’s success from the sidelines.

thought about what happens to your business after you retire. While growth is certainly important in business, careful succession planning ensures your company’s success after it leaves your hands. The normal evolution of a business begins when you’ve started or bought your company. You build and design it, you work to create something special and successful, and then you begin planning an exit strategy or succession plan. Whether that plan means selling your business and transitioning to a new CEO or handing your business to one of your children, there comes a time when a business owner will ask themselves what kind of legacy they wish to leave behind with their business and what kind of retirement they want for themselves. Succession plans must be treated like business plans, which means you must have a clear vision of what you want for yourself and the company in the next five years. Where do you want to be? How do you want to be involved? What

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www.lovelawfirmpllc.com

www.lovelawfirmpllc.com

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