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 ...
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 ...
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 ...
How Preparing for Tax Season Also Helps Your Ownership Conversion Plan™
Are you the kind of business owner who scrambles through a box of receipts once tax season hits or do you have your records organized and ready to go? The latter, obviously makes surviving tax season a whole lot easier but it also is a big part of having a solid Ownership Conversion Plan™ (OCP) for your business.
As I stress in my book, it is equally important to work on your business as it is to work in your business. Therefore, it is vital for you to spend time making sure that your ...