Is working with an adviser an ongoing process?
Absolutely. Business owners often need a lot of guidance throughout this planning process because there are multiple steps and not all of them take place at the same time. You may implement one-quarter of what you need to do in the first year, and work through the rest of the plan over the next few years.
What advice would you give someone looking to exit a business?
It may seem counterintuitive, but the less valuable you are to your business, the more valuable your business will be. If you are going to sell, it is imperative that you build independence within your current business structure to continue the business in your absence. If your business can run without your constant oversight, then surviving a transition will make your business more valuable. A prospective buyer most likely isn’t looking to keep you as part of its long-term vision, so they need to be able to see it without you. Not only will this build the business’s value, but it will also give you the time and attention you will need to plan your own retirement. <<
Dave Kucharski is a financial planner with Dorman Farrell. Reach him at (330) 591-4559 or [email protected]. David Kucharski is a registered representative of and offers securities, investment advisory and financial planning services through MML Investors Services, LLC. Member SIPC. OSJ: 1660 W. 2nd St., Suite 850, Cleveland, OH 44113. (216) 621-5680. CRN201303-146229
