Tulsa Accounting Firm and?Business Accounting:
One of the biggest challenges that you face as a small or medium sized Oklahoma?business owner is how to plan an exit strategy for?your small business when you are no longer willing or able to manage the business.? It is also one of the most ?ignored? challenges that small business owners face.? You have spent years managing and controlling your venture and the thought of not having the control is difficult to face.? Whether your company is extremely profitable or is just getting by, it can be disastrous for your family and employees if you ignore this task.
One of the first decisions that should be made is whether ?succession? planning is what you need or whether a managed shutdown is more appropriate.? Typically this decision is based upon the financial health and viability of the business itself.? The decision is also based upon whether there are family members or key employees that are willing and able to continue the company.
If you have determined that your business is viable enough to continue without you in the leadership role, you must come up with a succession plan.? Successful planning requires time.? You can?t come up with a plan and implement it immediately and expect it to be successful.? One of the biggest challenges that small businesses face is that its financial and leadership needs are so closely tied with the owner.? The owner?s finances are intertwined with the business.? Banks lend money based upon the owner?s assets and ability to repay.? Personal homes and other assets are often pledged as collateral for business loans.? These are the types of situations that take years to unwind.? Financially the business should be able to stand on its own in order to continue.
Key decisions to make for a succession plan:
- Who will take on the leadership role?
- How will the ownership of the company be transferred?
- What about family members that are ?left out??
If the Oklahoma business is not viable or there is no one willing or able to take on the responsibilities of continuing the company, a managed exit needs to be planned.? Minimizing complications for yourself, your family, and your employees should be your goal.
Key ways to simplify your business and prepare for a shutdown:
For a Free Accounting, Tax and succession planning consultation with a Tulsa Tax and Accounting Firm call 918-742-4538 or send me an email at Ask a Tulsa Accountant
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Source: http://www.tulsaaccountinggroup.com/2013/03/tulsa-accountants-exit-strategy-for-small-business/
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