What is Business Continuity Plan?

Business continuity planning can protect your rights in several important ways. If your co-owner leaves the company, dies, or divorces, the business continuity agreement can dictate what you will pay for the departing owner’s interest. Or, if you died or became permanently incapacitated, the business continuity agreement could protect your family’s right to its share of the company.

Why Do I Need Business Continuity Plan?

None of us like to think about what might happen to our businesses or families if we were to die or become permanently incapacitated. Owners who do let that thought cross their minds stay awake at night worrying about it and either push the thought away or engage in serious business continuity planning.

Most owners live to see the day they leave their companies, but some do not. The purpose of business continuity planning is to make sure that if you can’t run your company, it will survive and your family’s financial security will be assured.

What should be in an Plan?

A Comprehensive Exit Plan should include the following:

  • Your retirement goals and objectives.
  • A listing of your current personal and business financial resources.
  • A strategy to build and protect the value of your business.
  • A plan to sell your business to a third-party buyer OR
  • A plan to transfer ownership to an insider.
  • Business-continuity instructions for unexpected circumstances (e.g., death or disability).
  • A personal wealth and estate plan.

Who would be on an Exit Planning Team?

The Team could be made up of the following:

  • CPA/valuation specialist.
  • Attorney (Business/Estate Planning).
  • Insurance professional.
  • Financial planner.
  • Management consultant.
  • Business broker/investment banker.
  • Other professionals as needed.

How long will it take to do an Exit Plan?

Typically, an Exit Plan will take as few as 60 to 90 days to build. If there are extenuating circumstances (e.g., business owner travels a lot and can’t meet, the business is intensely complex with multiple locations), they could extend the planning process to a year or more.

Why Choose Business Exit Planners?

  • 60 Years Of Combined Experience
  • The Seven Step Exit Planning Process™
  • Proven Track Records
  • Trusted By Other Business Owners Like You

Our seven-step process is a proven method of allowing business owners like you to understand their business value. Call us today to arrange for a confidential assessment of your Exit Planning situation.