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Tom Hamilton-Piercy, CFA, Investment Banker at Baker Tilly Canada Corporate Finance joins in on the SHifT Succession Conversation to chat about the importance of exit planning.
If you don’t have an exit plan, your business will have some inherent value when you look to change ownership, but this is often the baseline value. With an exit strategy where you have a clear end goal in mind, your business is worth more to potential buyers or investors.
Tom brings a strong general knowledge of the web and web based strategies coupled with intense aptitude in personal and institutional financial industry, specializing in the equity and debt markets to the service of his clients.
Let’s dive deeper on legacy.
An exit plan is a comprehensive road map that addresses all of the business, personal, financial, legal and tax issues involved in selling a privately owned business. A good exit plan includes contingencies for illness, burnout, divorce, and even your death.
The four possible exit strategies are: • Pass it to Family. • Sell it to Outside Third Parties. • Sell it to Inside Key Employees. • Planned Liquidation.
How to prepare an exit strategy 1. Step 1: Determine length of involvement. … 2. Step 2: Assess financial goals. … 3. Step 3: Identify creditors requiring payment. … 4. Step 4: Research different types of exits. … 5. Step 5: Write your exit plan.
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