The Butterfly: Transforming Your Business to Attract a Buyer
Regardless of your Designed Destination, the ultimate goal of your Ownership Conversion Plan (OCP) is to make your business move-in ready. This means taking steps to resolve issues that could potentially reduce the value of your business in the case of both an inside and outside transfer. Think of it this way: you’ve brought your business through the egg, caterpillar and cocoon phase and your buyer is looking for a full-grown butterfly. Taking the time to overhaul the seemingly minor details ...
Seven Steps to Your Ownership Conversion Plan™
Creating a consciously designed Ownership Conversion Plan™ (OCP) ensures business owners are in full control of a realistic and timely approach to passing on their businesses. An effective OCP is achieved in seven key steps:
Cement Your Future Vision – Start by assessing your retirement goals. What is your ideal vision for your business, your family, and your retirement?
The Size of the Pot – Take stock of your assets. What is the value of the business and what assets do you have ...
Ready or Not, Your Future is Coming
I have worked with incredibly successful business owners worth tens and hundreds of millions of dollars. Early in my career as a financial advisor, it was easy to assume these business owners planned for their financial future. One client described how his son-in-law, a leading law professor at an Ivy League university, advised him that all of his ducks were in a row. Upon closer examination, it became apparent that essential planning had not been executed. He only had a basic will in place for ...
Avoid Gap Shock by Preparing a Strong Personal Hedge
My mission is to advise business owners on how to achieve the strongest possible position for the sale of their business to outside or inside buyers. I can’t stress enough how important it is to have a strong and diverse Personal Hedge. Being prepared financially can eliminate the gap shock when it comes time for you to transition your business.
What is a Personal Hedge?
A Personal Hedge is the accumulation of assets outside your business that ultimately enables you to achieve the cash ...
Building Your Future By Design
Do you know the actual date that you wish to stop working in and for your business? Do you know how much money you will need to live a comfortable life as a retiree? Do you know what your business is worth in cash today?
All business owners part with their businesses voluntarily or otherwise. All owners want to receive – or have their heirs receive – the maximum amount of money when the business changes hands. And, let’s face it, money is an important measure of success.
Unfortuna...
Financial Adviser Lawrence Ganim authors book on retirement planning for entrepreneurs
This article was published on WestfairOnline.com on November 3, 2017 by Phil Hall. To view the original article, please click here.
To financial adviser and wealth management planner Lawrence Ganim, the greatest challenge faced by entrepreneurs is not getting their businesses up and running, but what to do when the time comes to step away from the controls.
"I've been working for entrepreneurs for over 30 years and I've never had an occasion where I met a successful entrepreneur who had ...