Know Your Destinations: Creating a Map of Your Ownership Conversion Plan
Your designed destination is just that – designed. Very few, if any, business owners can give a finely detailed vision or strategy for their lives after retirement. Even the most mature entrepreneurs may rely on just a feeling or abstract dream that comes to mind when thinking about retirement, still lacking a developed plan to reach that destination. This is why the first step of Ownership Conversion Planning is to develop a clear idea of where you want to go in your business and your ...
The Intersection: Choosing Your Inside or Outside Sale Option
Picture your Designed Destination… in it, have you transitioned your business to family or key employees? Or, did you instead sell or transfer the business to an outsider? Regardless of which option you have chosen, it’s important to allow yourself enough time and necessary resources to optimize your outcome.
When you arrive at the intersection of Inside vs. Outside business sale options, keep this in mind:
Choosing an Inside Sale. If you decide to transition your business internally, ...
It’s Not Your Money
More likely than not you expect the money you’ve earned to be your own, but unfortunately, missteps in your Ownership Conversion Plan can result in up to 75% of it going to the IRS. Failing to follow through on focal points of your Ownership Conversion Plan can mean losses for yourself, your family, and the charitable causes you might otherwise support.
This is a loss not only for yourself, but for your loved ones and community at large. By having an optimized Ownership Conversion Plan ...