At this point, you have no intention of selling your business. But we see many business owners who wait too long to start planning their exit, and the majority are unfamiliar with what their options are. Because of this, many business owners run into problems when it does come time to sell, such as not getting as much as they thought they would for their business or trying to simultaneously navigate another external issue, like distress, disability, or divorce.
Your financial advisor can help you with this aspect of corporate planning, introducing you to your options and helping you understand what to do when the time comes to sell. The first thing we want to emphasize is that trying to sell your business isn’t something that happens overnight. At least three to five years before you intend to sell, start thinking about making this move.
At this point, you should also start the conversation with your advisor about how the sales process works. We can give you more information about what kinds of deals have happened in your industry, what role bankers and lawyers play, and what to expect overall. We also have access to many third parties that may be required and have been well vetted through BlueRock.
There’s also an emotional aspect to selling your business that many people don’t initially comprehend or consider. Think about how you want to spend your time after you exit, whether you intend to completely distance yourself or stay on as a consultant. There are many questions to sort through to ensure a successful transition.
Your BlueRock Wealth advisor is integral in helping you plan ahead for anything life can bring. Contact us at BlueRock Wealth Management today to schedule a consultation with your advisor to discuss your business’ future.