Your ExitMap Blog gathers contributions from top exit planning professionals across the country that are indexed into four categories. They include select strategies for planning your exit, ideas for building your company’s value, transfer options you can choose from, or preparing to enjoy your post-exit lifestyle. This page shows the most recent posts from Your ExitMap Blog. If you are seeking a qualified exit planning professional, you can view a map of specialists here.

All articles are copyrighted by the authors, and reprinted here with permission. Each author’s contact information is available via a link at the end of the article.

Most Recent Your ExitMap Blog Articles

Most Recent Blog Articles

Do You Suffer From Decision Addiction? Do you suffer from decision addiction? The typical business owner lives on dopamine.  According to WebMD: Dopamine is a type of neurotransmitter. Your body makes it, and your nervous system uses it to send messages between nerve cells. That’s why it’s sometimes called a chemical messenger. Dopamine plays a role in how we feel pleasure. It’s a big part of our uniquely human ability to think and plan. Feeling the Rush That’s what business owners do; think and plan. Their lives are a chain of thought processes that go “What if I do this? How will it affect the business? Then what would I do ... Read more A Hazy Crystal Ball is Better than a Rearview Mirror Several years ago, I did a cross-country trip with my family. We laid out a rough plan of what we wanted to see, how long it’d take, and most importantly, what we wanted to eat! When we hit the road, I did not drive looking primarily in the rearview mirror, with an occasional glance at the gas gauge and the road signs. I looked ahead and tweaked the plan. Yet, that is often how business owners run their businesses. Often, this year’s business planning consists of, “let’s do what we did last year – just more of it.” We look at whether we have cash ... Read more Die at Your Desk or Go Golfing? Die at Your Desk or Go Golfing? The truth of the matter is, every small business owner will eventually transition from the business. While most have spent much time working in the business, and at times on the business, they have not given much thought to what to do after the business. Whether you love your work so much that you would be happy to die at your desk, or you would like to devote much more time to your golf game, every small business owner needs to consider how they plan to exit. And planning has significant benefits. The Business Enterprise Institute defines three ... Read more Key Employees: Build and Protect Business Value Key Employees You may have people working in key roles who are instrumental in growing and building the value of your business. These key people can be identified as having the following characteristics: Makes a substantial business contribution Possesses critical information or knowledge Maintains and nourishes key contacts and relationships Sellable Business In helping clients plan to build a sellable business, and then eventually exit on their terms and conditions, we emphasize that “key people are a key value driver” in realizing success in both of those strategic goals. And, we find it helpful for owners to have two categories in mind when considering key ... Read more Main Street Business: The Importance of a Written Exit Plan When planning for a vacation, do you typically jump in the car and just start driving without first determining where you are going? No, of course not. You plan out where you want to go, when you want to leave, what activities you want to do on the trip, and so forth. You create a plan to make sure that you know where you are going and what you are going to be doing. The same principle applies to business owners when transitioning from their Main Street and Mid-Market businesses. Without an exit plan in place, the odds of reaching your end goal are extremely ... Read more Non-Qualified Plans When I talk to business owners about “non-qualified plans,” their first reaction is often “Hold on there. I don’t want to get in trouble!” The term “Non-qualified” merely refers to the Employee Retirement Income Security Act of 1974, more commonly known as ERISA. As the title indicates, it is the basic set of regulations for retirement plans. If your company offers a 401K or SEP IRA, it has a Qualified Plan. If you have an Employee Stock Ownership Plan (ESOP), that is also an ERISA plan. Under the terms of ERISA, a plan must be made available to all employees. In return, the company can ... Read more Will You Be Ready? Will you be ready when it is time to leave your company? A business owner needs to have a basic business strategy to monitor company financials regularly. Several owners consider this a strategy to prepare for exiting their businesses. However, monitoring company financials is like looking in the rearview mirror. What if you could incorporate a business strategy that looks forward and leads to accelerating profitability and increases business value? In addition, this strategy helps lead to less stress, more free time, and ultimately helps take control of a business exit? The Active Strategy The Business Strategy is called Exit Planning. John H. Brown, author ... Read more Are Remote Employees Value Killers? Remote employees can have a dramatic impact on the value of your business. If your exit strategy is to sell to a third party, take some time to think about the areas where offsite workers could have an impact. Curb Appeal One of the first things any good business broker will look at is your curb appeal. Your business needs to look good, just like a house that’s for sale. (OK, maybe right now a house doesn’t even need to look good, but you know what I mean.) When I brokered Main Street businesses, I was always surprised at how much we had to tell ... Read more Avoiding Financial Anxiety Seek help and avoid financial anxiety[/caption] Everyone has financial anxiety to some extent. Whether you have a little money or a lot of money does not make a difference. However, when it comes to asking for help, many people avoid seeking financial advice until necessary.   As financial decisions become more complicated, it is far easier to make a mistake. Today more and more people procrastinate on making financial decisions. Procrastination to make financial decisions can ultimately lead to anxiety, delay, or indifference.   In this article, I provide three keys to seek out and accept financial advice from a professional advisor. If you recognize ... Read more Utilizing a NING Trust as Part of a Business Exit Strategy The most commonly stated goals of an exit plan for a business owner are to exit their business on their terms, to receive the highest possible value (or their desired value), and to do so in the most tax efficient manner. It takes time to implement the process to accommodate those objectives. When a business owner rushes to sell their business many things can be overlooked including how to set up the exiting transaction in a way that minimizes taxation. Particularly in California, state income taxes are excessive in relation to other states, especially compared to states that don’t have any income taxes. For 2020, ... Read more « Newer EntriesOlder Entries »