When should you start thinking about a Business Exit Strategy?
This will depend on your business plan, company goals, or events that occur. Some companies are started with the sole purpose of being sold off when it reaches a level of success that maximizes profits. Business Exit Strategies involve accounting, tax and legal issues that must be addressed. Sumner CPA will help you prepare an exit strategy that will best fit your specific needs.
Properly prepared, an exit strategy smoothes out the process, covering all tax and legal issues. If you've never given any serious thought to exiting your business, now is the time. For sole proprietors, getting out of business can be nearly as easy as quitting a job. For most businesses, exiting is a multi-step process.
Selling Your Business: There is a tremendous difference between properly preparing your assets to be sold and putting a for sale sign on the front door.
Transfer Ownership: Succession planning is essential to preserve the worth of your business and its assets. Working with Sumner CPA's accountants and legal staff will help you understand the tax consequences of the transfer and develop a succession plan that optimizes your situation.
Liquidate Assets: Having to liquidate business assets, due to unforseen circumstances, can be very trying. However, knowing what to do and how to do it can help return the most value.
File Bankruptcy: Deciding to file for bankruptcy can be a painful decision.
Close Officially: There is more involved than just locking the doors when closing a business.