Exit planning can be a complex process that can take months, even years, if done properly. Each exit plan is unique to the circumstance of the business owner(s) and the exit objectives that are established during the exit planning process.
Business owners likely already have established relationships with several outside professional service providers, such as an accountant and banker. Some business owners also have established resources for advice through advisor boards, family councils and other formal sources for advice.
Often exit planning, however, requires specialty skills that are beyond the skills of current business advisors. Exit planning often involves tax minimization, trust and estate, wealth management and merger and acquisition expertise. It is important that these specialists are used during the exit planning process to help the business owner minimize taxes and maximize the likelihood of achieving their exit objectives and timeline.