The following case study is based on a true story. It highlights the importance of co-owners in a business recognizing their exit objectives may not be aligned. Owners need to plan their exit years prior to the event and work with an experienced team of advisors, like our NAVIX Consultants.
While every business owner is a unique person, experience shows that nearly all business owners want the same three things when they exit from their business:
Nearly every business owner aspires to reach personal financial freedom at exit. And for most owners, this is the top priority. The Exit Magic Number™ calculates how much capital you need to receive from the business between now and the exit to achieve personal financial freedom. In our experience, most owners don’t know their number, or have a number in their head that is usually wrong—by many millions of dollars. It’s critical to know your number accurately. This short video introduces you to a tool we offer to help you calculate and track your Exit Magic Number™.
The following case study is based on a true story. It highlights the importance for parents in family owned businesses to clarify and articulate their business exit and succession objectives to their children. Even if the parents believe that they are being fair that does not guarantee that all family members will be aligned. Parents need to prepare a plan to transition the family business years in advance. They should consult with an experienced team of advisors, like our NAVIX Consultants.
It is during due diligence that potentially things can really go wrong. When selling your business, you cannot afford to be unprepared or have surprises occur during due diligence.
