Sometimes it is hard not to think about your business as an inherent part of your life. It may or may not be your life’s work, but it is certainly the lion’s share of your everyday life’s work. Nevertheless, there comes a time to sell your business and also a time when the market is right.
The M&A market is fickle, but currently seems to be on an upward swing.
A recent article in Forbes reports that this swing seems to be catching even middle market companies. The article has a catchy title, too: “Why More Entrepreneurs Will Get A Phone Call Worth Millions.”
As a business owner it is important to think of your business as a business and (again) maybe your life’s work.
On the other hand, it is also just as important to think of it as a marketable asset when it comes time to exit. After all, the business is likely to be your greatest asset, the cornerstone to your retirement and in one form or another.
In addition, your business likely is part of your legacy to your children, whether as a family business to be continued in the family or sold to a third party.
How will you choose to exit and when? How does this fit into your overall plan? Regardless whether you elect to pull the trigger sooner rather than later, it is worth watching the M&A market and ensuring that the business is appropriately structured for succession or sale.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: Forbes (May 31, 2014) “Why More Entrepreneurs Will Get A Phone Call Worth Millions”