Is a Business Exit in Your Future?
You may be thinking about exit planning as a long-term plan, and if so, that’s great news – because you can never start preparing too soon.
But if you’re not quite sure what the future holds just yet, consider the following questions, which may help you better determine if and when an exit may be in your near future.
- Are you ready to retire soon? As you approach retirement, you’ll want to start thinking about the future of your business. Do you have a family member to transition ownership to or will you consider selling and go to market?
- Has COVID-19 negatively impacted your business success? Unfortunately, the COVID-19 pandemic has presented significant challenges for many businesses, and as such, you may want to explore opportunities to bring in investors with additional capital or look for interested M&A parties.
- Is your industry consolidating? Consolidation is increasing across a number of industries, including manufacturing, healthcare, technology and more, which means there could be potential for interested buyers who are looking to continue their growth and market share.
- Are you looking to expand your product/service line? If you’re looking for an opening to expand your business, it could be an opportune time to test the waters on the open market and gauge interest in consolidation or acquisition.
If you answered yes to any of these questions and exiting your business may be an objective in the next several years, please connect with our Exit Planning Services team to review your options and help you determine an appropriate path forward.
We also encourage you to watch the full replay of our recent webcast, “Positioning Your Business for Exit” during which our team discussed how the M&A market has been impacted by COVID-19 and how today’s business owners and leaders can prepare for a future exit.
Material discussed in this communication is meant to provide general information and should not be acted on without obtaining professional advice tailored to you or your company’s individual and specific needs. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used by any person or entity, for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. This information is for general guidance only and is not a substitute for professional advice.
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