Protecting Your Legacy

You have built your business from the ground up. You have watched it grow and helped it thrive. It has been a part of who you are, it is your legacy. You put your blood, sweat, and tears into creating the business, don’t leave its future up in the air. It is a part of who you are and it deserves to be protected so that it can continue to grow, even when you are no longer there to continue to push it towards success. 

Whether you are just getting started, right in the thick of it all, or nearing the end, it’s never too late to start thinking about how to protect your business and to make sure that it continues to grow, even if you aren’t around to move that needle forward.  You have put in too much effort to watch it all fall apart. You want to protect your legacy. 

Here are some things to keep in mind as you think about your exit strategy:

1. Goals

What are the goals for your business? What would you like to see happen with your business? 

2. Business Value

What is the value of your business? What are your value drivers? What are some areas you can improve on in order to make your business be more attractive to potential buyers/successors?

3. Exit Options

There are several ways you can go when you are looking for an exit plan, you have to determine which is right for you and your company. 

4. Legal/Financial preparedness

Is your paperwork all up-to-date? Make sure all your financial and legal documents are current and ready to go. 

5. Tax Considerations

Each exit option comes with its own tax consequences, so you will want to make sure you understand the tax implications for whichever option you choose, and work with a tax advisor to help you minimize the liabilities and optimize the financial outcomes of your exit. 

6. Succession Planning

Have a plan in place and communicate that plan with the company to help ensure a smooth transition. Ensure that the successors are trained and ready to take over, and determine how long you or if you’ll continue to help the business and in what capacity and what that looks like. 

If you create a plan from the beginning, then if something happens, you already have it all in place and can create a better experience for everyone involved. Your business is your baby, don’t leave its future up to chance. 

We serve companies throughout the US, particularly in Utah, Arizona, Georgia, and North Carolina. If your state is not listed, let us know where we should consider expanding our services to next. 

If you would like some help with your succession plan, give Irvine Legal a call.

385-333-7966