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