Leave Your Business in the Right Hands at the Right Time (Webinar Recap)

Exit planning is not as simple as handing over the keys to the castle. It is a long process that deserves attention and thoughtful planning. There is much work to be done to ensure the financial goals of all parties are met, everyone is in agreement with how the process will go and that the business remains viable after transitioning from one owner to another.

Sean Miller, chairman of The Miller Group, sat down to talk with four experts over exit planning:

• Fletcher Brown, Vice President of Business Planning Solutions at UMB Bank
• Case Dorman, Owner of Fiorella’s Jack Stack Barbecue
• Todd Pleimann, Managing Partner at RubinBrown in Kansas City, MO
• Pat McAnanay, former owner of McAnany Construction

The group discussed when exit planning should begin, key advisors to bring into the conversation, what companies tend to be most unprepared for, and how to deal with the emotions that come with transferring your company to the next generation.

So, when should you get started? There is no better time than the present.

All panelists agreed that there is no better time than now to start thinking about who will be taking over your business and what you will need to continue your lifestyle after the transition has taken place. The longer you wait, the fewer options you have when it comes to financial aspects and the time it takes to plan a proper transition.

For the smoothest transition possible, you will need to utilize key advisors such as a financial group, legal and accounting professionals, assessment tools and someone to facilitate the conversations between you and those who wish to take over. Bringing in these advisors can help you develop strategies that are tailored specifically to your company and create a comprehensive exit plan that all parties agree on.

With proper preparation, you can make sure you’re leaving the best possible future for your business.

Exit planning doesn’t have to be intimidating. Knowing what questions to ask and who to look for guidance can save plenty of headaches down the road during your transition period.

Watch the full discussion to gain insights on what steps need to be taken to produce a successful exit plan.