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Three Benefits of Exit Planning

You know the ins and outs of your business like the back of your hand. In fact, you might be one of your business’ most essential assets. If that is the case, you may not maximize your value when you exit. That’s why we encourage owners to plan for their exit long before they are ready to exit, and here’s why….

1.   You identify your goals

Creating an exit plan allows you to think about what you want out of the sale or transfer of your business. You can consider what choices you can make now that will increase the value of your business.

2.   You see the big picture, the really big picture

A good exit strategy will involve some level of estate planning.  Though an exit plan and an estate plan are two different things, they are inextricably linked for the business owner. Minimizing taxes and making the exit process most efficient for you and/or your heirs will be a fundamental aspect of our planning process with you.

3.   You prepare for the unknown

While most business owners assume they control the timing of their exit from the business, that only happens in about 30% of business transitions.  External events will dictate the timing of about 70% of all business transitions, and you can’t exactly plan for these external events. We can’t tell you what the future holds for you and your business, but we can guide to be prepared for when and how those external events drive the timing of your business exit.

We have been there and done that. We’ve seen this done correctly, and we’ve learned what to avoid from mistakes of others. Let us help you navigate these choppy waters. Call us at 615-390-9966.

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Tennessee Valley Group

Jim Cumbee established Tennessee Valley Group to help business owners fulfill their dreams for life after business ownership. It’s a mission that his 30+ year career history had prepared him well for—in addition to being an attorney, transition mediator and business broker, Jim has been a buyer, seller, and entrepreneur. His broad range of experience gives him unique insight into how business buyers and sellers can achieve their goals.

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