Every business owner no matter what age, needs to have a succession plan. You need to think about what comes after you have taken your business as far as it can go, wherein someone else is more fitted to take over your position. This could either be your business partner, one of your friends, a family member or an employee. At Obsidian Business Succession Planning, we help you build a comprehensive succession plan for your business and we recommend doing it right now.
In succession planning, we begin by asking what your life goals are. What we are about to plan for your business' sake and for your own good will revolve entirely on your answer. We prioritize your life goals and personal goals. How do you want your legacy to be? Our focus is on the path you wish to take when the time comes that you have to leave your business behind. It could either be due to decisions for you and your loved ones or misfortunes with regards to you and your business. This may seem a bit odd for a lot of business owners, as they seem to think that planning this isn't that important for them to focus on. What they don't understand is that the sooner they understand their business' value, the better they can plan for their future exit.
We work with certified valuation analysts to establish your current business value while setting up real life models that could project your business' future cash flow. This is crucial in exit planning so that you can know the value your business has in the case of a misfortune happening. It is important for you to know how much your business' value is because this will be the basis if you are going to sell it in the future when you retire from it. Are your employees well experienced to work without you in the business? Is there someone that is dependable enough to replace you? We propose ideas on how to handle situations like these and other related issues that may arise from this exit planning.
When you work with us, we assure you that we have no vested interest in any particular exit path, but instead our goal is to keep you current and informed with your comprehensive succession plan. Call us today at 301-990-4395 for a free consultation!
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- Professional Associations
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