Family Matters: Can a Family Business Succeed Without a Written Exit Plan?

Continuing to deliberate about when and how to exit from his family business, Big Daddy Ernest Bux, 65, considers yet another task on his checklist: Determine Exit Strategy. He’s already Identified Successors and Decision Makers, and Planned for Contingencies. Yet to be tackled are Establish Goals, Plan Entity Structure and Transfer, Complete Estate Planning, and Implement Document Maintenance and Control. Asking his banker last week about a new loan to expand his business, Big Daddy learned that his banker cannot make Big Daddy a business loan without seeing a complete exit plan. How is an exit strategy different from last month’s thoughts on identifying successors? Exit planning is more than succession planning. Last month we addressed “Can a Succession Plan Succeed without Identifying Successors?” – discussing the necessity of identifying successors within a business and providing them with an opportunity to develop…

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