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Have you been looking forward to the day you can retire, perhaps turn your business over to a son or daughter, or sell it? Even if you are not planning to stop working, you need to plan for the day you cannot run your business due to unforeseen illness or death. Most business owners do not take the time to plan for how they will leave their business. They are busy running the company, or they don't know where to start. But if you continue to own a business until you die, it will be included in your estate and could be subject to substantial estate taxes. Your family could be forced to sell the business or its assets at 'fire sale' prices. Then you will have worked hard all these years so that the vultures and Uncle Sam, not your family, will reap the benefits.

Planning for how you will exit from your business should be an integral part of your estate and retirement planning. Proper planning now can provide you with retirement income, reduced income and estate taxes, and even let you benefit a charity if you so choose, regardless of whether you transfer your business to family members at discounted values, to employees, or to an outside buyer. In today's market, the economy and trends are affecting the timing and value of business transfers.

Planning now to exit your company will result in you and your family receiving the best possible results, both now and after your retirement, disability or death. You can receive retirement income; you can transfer your business to your family, your employees or an outside buyer; you can make a difference for a charity or your community; and you can do all of this with reduced income, gift and estate taxes.

We understand that there are many reasons to go into business: 
  • Independence
  • Financial security
  • Pursuit of a dream
Most business owners fail to plan for the day when they will leave their business.  At some point, every owner leaves his or her business - voluntarily or otherwise. At that time, every owner wants to receive the maximum amount of money in order to accomplish personal, financial, income and estate planning goals.
Ask yourself these questions.
  • How much longer do you want to work in the business before retiring or moving on?
  • What annual after-tax income do you want during retirement (in today’s dollars)?
  • To whom do you want to transfer the business?
                        –     Family?
                        –     Co-Owner?
                        –     Key Employee(s)?
                        –     Outside party?
                        –     ESOP?
Whether your successor will be your children, a key employee or an outside buyer, Exit Planning helps you maximize your financial return and minimize your tax liability when you transfer your business, if you die, or become disabled before you retire.