A strategic exit plan starts now
The most significant change in the life cycle of a business is also an inevitable one: the transfer of ownership. This can involve:
- an inter-generational transfer of a family business;
- the sale of a business to its management or employees;
- or a sale to an outside third party.
Oftentimes, this transfer is intentional, but sometimes it occurs due to unexpected circumstances, like death or disability.
Regardless of how, or to whom the business is transferred, proper steps need to be taken now, to ensure a successful transition when the time comes. A successful exit plan can take several years to implement. However, with the necessary diligence, the resulting value of your business will be well worth the investment, for you, and the next owner.
You need a plan that is deliberate, and all-encompassing. Once established, it must then be implemented. Richter can help. To navigate what may seem like an overwhelming process, our business advisors are a team of professionals that work together to assist you in the following areas.
Business valuation
Maximizing the value of your business starts with knowing how much it is worth today. Richter consultants can work with you to develop a professional valuation that will help establish the baseline, and drive decisions that lead to value growth for the long term.
Tax planning
Taxation of capital gains resulting from the sale of a business can impact your retirement plans. Yet with proper planning, it is possible to significantly reduce, or even eliminate this tax. Alternative tax strategies should be considered and implemented early on, to minimize taxes at sale time.
Transaction advisory
Intricate endeavors require professional guidance. You only sell your business once. Whether it’s performing seller due diligence, providing reliable financial forecasting, or developing a post-acquisition integration plan before the transaction is completed, we take a hands-on and innovative approach to complex transactions for our clients.
Assurance and accounting
Accounting standards and financial reporting requirements are complex. Buyers, banks and other investors derive comfort from financial statements subject to an assurance report, be it a review or audit, from the company’s firm of accountants. Richter professionals can also help prepare financial records, advise on proper internal processes and procedures, and can even help you take your business public, should the opportunity arise.
Estate and succession planning
Estate planning can be a very sensitive matter as finances intertwine with family dynamics. Often these issues lead to paralysis, as all options can appear problematic. Our collaborative approach, and years of experience dealing with families such as yours, instils confidence from all parties, and helps pave the way for the smooth transfer of assets, including your business, to the intended parties.
How we can help you
When we say our approach is holistic, we mean it. It’s centered around you. Not just your company; not only your legacy, you. We advise business owners and their families both personally and professionally. Our professionals, (from wealth management, valuations, taxation and estates, to various other service lines) work collaboratively to provide advice that makes the most sense for you and your objectives – because we know that your work affects your personal life, and vice versa – they are of equal importance. Through early, comprehensive planning, our professionals assess every situation and present options to help you make informed, strategic decisions to make the most out of your unique situation.