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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 and Chris are 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?

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