Building Your Ownership Conversion Plan™ Team

Entrepreneurs spend years working on their business and building it up to be a successful venture. When I talk to them about bringing in a team of trusted advisors for succession planning, many want to hide their checkbooks thinking it will be too expensive. However, planning the sale or transfer of your business is no time to cut corners.

Your Ownership Conversion is about selling your life’s work on your terms to outsiders, insiders or family members. It is a strategy comprised of many plans that will be active and require ongoing attention right up to the date of sale or transfer to the next business owner(s). Your planning team functions as your sources of knowledge and your teachers, counselors, and coaches.

The Core Team Should Include:  

  • Financial Advisor
  • Certified Public Accountant (CPA)
  • Corporate Legal Counsel

It is very likely that you have one or two advisors working on your behalf already. But are they working together on your behalf? Each one may have his/her area of specialized care, but they often only see a piece of your business from their unique perspective. Working together, they can develop multiple solutions to save you the most money and sell your business for the maximum value.

There was a client who was able to see my vision for him to create a team. Together we saved the family tens of millions of dollars in unnecessary taxes and settlement costs. He was able to see all his trusted advisors were on the same page and agreed on the best plan of action.

Based on your business and your industry, you may find you need a bigger core team. As you work through the process, the core team of advisors working with you will help to determine other advisors that should be added to the planning team. Remember that everything sounds expensive until you compare it to something. In other words, the investment now may save you more from costly mistakes or oversight down the road.

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