The Place Where The Lost Things Go Sheet Music Pdf Business Owners Need a Planned Exit Strategy

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Business Owners Need a Planned Exit Strategy

It may sound like a simple exit strategy for a business owner. The first day of business should be the first day to start developing an exit strategy. Yes, I know it seems early, but think about it anyway.

Too many business owners have no idea how to exit a business after 20 or 40 years in business. Obviously, if you have ONE truck with your name on it after 40 years, it doesn’t take long to “throw in the towel” or just quit.

However, we are talking about building a large business with employees, land, buildings, truck fleets, landscape equipment, tools, and more.

Perhaps your family members are working in your business and they are already shareholders or you are planning to have them take over the business when it is time to retire in the future.

Recently, a friend of our church lived to be over 90 years old, which was amazing. Another friend of mine is 86 years old today and has been in the hospital for the past week but still goes about his business every day. Not a problem, IF NOT… Is there a problem with this image? ONLY if there are NO PLANS to transfer OWNERSHIP and exit the business.

Sometimes entrepreneurs believe they are invincible and will live forever, and that’s what their preacher says every Sunday. But the entrepreneur is sleeping on his mission because he will NOT LIVE HERE forever.

The same goes for about 70% of the population who refuse to plan or never plan for their belongings (money, houses, cars, pianos, boats, land, stocks, etc.). NOT a smart idea if you have anything of value to keep.

[Sidebar:] Everyone prepares their own lawyer, or some write their own (UN smart!) or have NO STATE EDITION. Your choice!

Recently, an NFL team owner apparently has the will to sell his team two years after his death. WHY? If you’re filthy rich or filthy poor, there’s no reason to dictate what happens to “anything” you leave to your heirs or survivors. (They decide!)

INTERESTING SCENE OF SIBLINGS

Consider your age, we’re guessing 30 to 50, and your parents have decided to leave their Mountain House to your children rather than YOU. How does it make you feel? Is it rated? Are you in love? Can’t even imagine!

Don’t leave a trail of misery for someone else in your absence. In fact, you may not have gone anywhere, but you may have lost your health, your wits, and your sanity to run a business.

Entrepreneurs “leave” businesses for a variety of reasons. It can turn into financial ruin, dead business, loss of customers, illness, death, etc. Note that you can talk to your insurance advisor who can protect your loved ones against business interruption.

As they often say, “Look beyond the tip of your nose,” organize your “stuff” so that you are not burdening someone with a burden they cannot reach. Peace of mind for you and your family is worth the investment.

One of the best choices or decisions as an entrepreneur is to SELL your firm when the time is right, the market conditions are good, and the value is high. Don’t miss the opportunity to “cash out” if you can. (my experience!)

Every situation is different. We understand that entrepreneurs face more than 100 challenges. Partners, spouses, adult children, etc.

Perhaps your grown children are involved in your business and want to take over your assets one day. Professional legal counsel is needed to resolve this matter from your point of view and for the benefit of all family members.

You may have children outside of the business who have no interest in participating in the business or future success, except for the financial benefits.

Unfortunately, one of the biggest family problems and often the disaster seems to be the distribution of assets left behind by a family member. Usually greed rears its ugly head, disputes over values, etc.

The reason I bring this to your attention is to avoid all of the above that will turn your beloved family into distant relatives later on.

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