5 Ingredients For Your Successful Business Exit

Baby boomer business owners will be retiring in droves over the next decade, and whether an owner wants to pass on the business to a family member or sell to key employees or a third party, the process will be much easier with some planning. After all, three-quarters of owners have never tried to exit a business, according to a 2014 survey of North American business owners by the Business Enterprise Institute (BEI). Mapping out an exit makes it more likely for business owners to avoid unnecessary or excessive taxes, minimize risk during transition and realize the full value of their hard work, says Jared Johnson, director of business development at BEI, a business management consulting firm and network of exit planning advisors.