Nov 06 2024 26 mins
Entrepreneurs pour so much passion and effort into starting, growing and maintaining their businesses. But eventually, all business owners will enter a transition stage where the business will shift to a new set of hands, either through a transaction or by training a new generation of leaders to carry on the work—both of which can be emotional and challenging experiences. So, what does a successful business exit look like, and what can entrepreneurs do to prepare themselves and their business for a positive transition experience?
In this episode, Hanny Akl, CPA, CFE, CEPA, CVGA, leader of Warren Averett’s Transaction Advisory Services Practice Group, joins our hosts to dive into the Exit Phase of the Business Owner Life Cycle and share his experience guiding business owners through this transitional stage.
In this episode, you’ll hear:
- Why it’s never too early to plan for your exit
- Indicators that a business owner may be ready for an exit or transition
- Why it’s so important to have a good team of advisors helping you plan for this stage
- The eight types of exit options and their pros and cons
- Factors that could detract from the value of your business
Resources for additional information:
- Document: Exit Options – Pros & Cons
- Document: Maximizing the Value of Your Business
- Blog: How to Exit Well: Aligning the Sale of Your Business With Your Personal Financial Plans
- Blog: 5 Common Pitfalls in M&A Transactions (and How To Avoid Them When Selling Your Business)
- Podcast: Episode 009: I Put a Sell on You
- Podcast: Episode 010: Don’t Let the Sell Run Dry