Jul 07, 2022
In Questions & Answers
This continuing education can be Job Function Email List obtained through Community Colleges, Universities, Professional Training Programs, Professional Organizations, and online training courses. In most states these continuing education courses qualify Job Function Email List for continuing education units (CEU) or Professional Development Hours (PDH). Job Function Email List At some point in time in time every business owner will "exit" their business. In most cases, a small business represents a significant component of family wealth and the owner will be keenly Job Function Email List interested in maximizing. This value when the business is either sold to Job Function Email List an outside 3rd party or key employee, or transferred through an orderly succession to a family member. Unfortunately, most entrepreneurs are so Job Function Email List immersed in the daily demands imposed in operating their company that they have neglected to properly plan for the inevitable transition of their business. The goal of this article is to Job Function Email List briefly review the exit/succession planning process and highlight the importance that these plans have for every business owner. Whether the goal is to exit the Job Function Email List business in six months or ten years, it is critical that a business owner recognize that succession planning is the single most important way to take control of the terms and conditions of exiting their Job Function Email List business. Proper exit planning will reduce the variability of the business control transfer, and can secure a sound financial future for their family. Exit Planning, also commonly referred to as "business succession planning," is a methodology that addresses three critical questions a business owner will face at some point in Job Function Email List time: 1. What is the timetable the owner seeks to exit the business? 2. Who will succeed the owner when the business is transitioned or sold? 3. How much income is needed from the business transition/sale for retirement?