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Business Succession and Exit Planning

A core focus of WestPoint Private Client Group’s practice is working with business owners. As Certified Exit Planning Advisor (CEPA) designees, Scott is well-suited to provide continuity and succession planning for entrepreneurs and business owners.

As a business owner, there are many key questions to ask yourself as you consider the current and future well-being of you and your business. For example:

  • What does financial independence look like to you? 
  • What is the exit strategy or succession plan for your business?
  • Could your business continue to succeed if you were to become disabled or die unexpectedly?
  • How can I best protect the value of my business for me and my family, so we can enjoy it together?
  • Does our organization attract, retain and reward our key people? What if they leave?
  • What is my business worth? When was it last valued? (A business valuation, conducted by a credentialed valuation expert).

Our Process

1. Identify

  • Determine your succession timeline
  • Understand your business value
  • Perform a formal retirement needs analysis
  • Consider your preferred succession path
    • Transfer to insiders
    • Sale to a 3rd party
    • Become an investor/owner

2. Evaluate

  • Identify the GAP between your retirement income needs and the amount of income produced by your business and non-business assets
  • Align your non-business assets with your succession objectives
  • Analyze the health of your business
    • Management team performance
    • Financial performance
    • Operational performance

3. Design

  • A customized Roadmap that outlines your objectives and provides strategies and tactics
  • Examines various “what-if” scenarios
  • Focuses on your primary and secondary plan
  • All factors being planned in concert with your advisor Team (CPA, Attorney, etc.)

4. Implement

  • Coordinate the efforts of your Advisor Team to:
    • Structure or update documents
    • Structure or update financing
    • Highlight key performance indicators
    • Reduce Risk
    • Consider funding solutions
  • Implement the solutions and arrange the steps necessary to fulfill your objectives

5. Monitor

  • Provide accountability and implementation coordination to meet your objectives
  • Update progress and plan through regular contact

Financial plan recommendations can be implemented with the advisor of your choosing. Implementation of specific products or services may result in commissions or fees outside of the financial planning fee.