How you plan to exit your business and how much money goes with you, depends on how well you put in place your plan.
You own a profitable and growing business which provides a lot of what you desire: income, wealth, an identity, challenges, stimulation, satisfaction and pride.
Your business may unexpectedly fail you in the end if you’re not careful. What you really need from a business is the ability to leave it – under the most favourable conditions. There is only one way an owner, can successfully retire, by creating an “Exit Plan” as early as possible and sticking to it. Alterations to account for changing circumstances can be planned for and factored in, as you maintain your business.
Owning your own business is a great way to secure your financial future and create a valuable asset for your family and for your retirement. Many people never consider the drastic effect that their death or disability would have on their business and their family’s income stream. Wealthbuilders can provide you with a realistic business risk management strategy that will ensure the viability of your business if a tragic event strikes the business owner or a key personal.
To give you an idea of where you stand in developing your exit plan, take the following quiz. If you can answer “YES” to all of the questions, this will serve as an affirmation of the decisions you have implemented. If you are like the vast majority of business owners, these questions will highlight areas of concern you need to address.
Do you know your primary planning objectives in leaving the business, such as:
- Departure date?
- Income needed to achieve financial security?
- To whom you want to leave your business?
- Do you know how much your business is worth?
- Do you know how to increase the value of your business?
- Do you know how to sell your business to a third party in a way which maximises your cash and reduces your risk?
- Do you know how to transfer your business to family members, co-owners or employees while enjoying maximum financial security?
- Have you implemented all necessary steps to ensure the business continues if you don’t?
- Have you provided for you and your family’s security and continuity if you die or become incapacitated through injury or serious illness?
Planning makes the difference between living comfortably and living precariously.
There are key differences between Wealthbuilders and other financial advisors and insurance brokers. Barry Vincent provides a unique service for his clients. His experience, professionalism and friendly, personalised approach means that you will receive the very best advice for your specific needs. To this end, Barry will help you identify an exit strategy and also provide you with a detailed and comprehensive written Risk Audit Report with an action plan and recommendations that will enable you to make the right decisions for the future of your business. For more information, please contact Wealthbuilders today.
for a questionnaire that will enable you to work out your risk profile
for a questionnaire that will assist Barry to prepare an interim Risk Management Report for your business
– How to Pay Less ACC Levies – Twenty Ways to Save Money
Businesses of all sizes have benefited from the practical advice provided by Barry Vincent of Wealthbuilders. Barry’s goal is to make certain that your financial security is protected no matter what the future holds. On this page, you can browse testimonials from just a few of Barry’s many satisfied clients.
For more information, please do not hesitate to contact Wealthbuilders today.
We are located at;
21 Sir Peter Blake Pde.
P.O. Box 304013, Auckland 0755