5 of 5 people found the following review helpful
Systematize your biz so it can run w/out you.Then you will be in a position where you can sell or let your relatives takeit over,
This review is from: Exiting Your Business, Protecting Your Wealth: A Strategic Guide for Owners and Their Advisors (Hardcover)
I liked this book a lot. It has an Introduction and 15 chapters divided into the following three parts or sections:
I. Preparing for your exit
II. Knowing your options
III. Planning your exit
I thought the book was well written, well outlined, and full of good content. It was written by an attorney who advises clients on how to clean up their businesses so they can be sold or handed down to the owner's offspring.
Creating a successful business is an uphill battle for many. And what the definition of a successful business is depends on who you ask. A small business that provides a job for its owner/operator whereby that person earns $150,000 a year in taxable income very well might be considered successful. But what would happen if that person died? Would the business still bring the subsequent owner $150,000? Maybe, maybe not!
What this book covers is the arsenal of issues that one must consider if they have a small business they want to either retire from and sell out profitably, or pass down to their offspring or other relatives. A business that is really an alterego of its owner is not worth all that much. And such businesses are hard to sell for a nice sum. In those instances, when the centerpiece of the company moves on, then so does the revenue stream. Not a good thing when you want to sell a business.
Another book I read that kind of touched on the issues in this book was "Instant Systems" (ISBN: 9780071466707). The point is that if you don't systematize your business, then you won't have anything to sell. And "Exiting Your Business" is about selling your business or passing it on to relatives.
This book not only includes exiting strategies regarding the sale of the business to another company, the company's employees, or some rich individual. But also covers estate planning and tax planning issues, too. It's really a well though-out and extensive book on its subject. 5 stars!
PS. Take a look at the Search Inside feature that Amazon provides for this book. There you can examine the Table of Contents and see for yourself what exactly is covered.
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