Latest News from Newport Board Group
Contact Newport at 415-293-8171
exit strategy | contingency plan | succession plan
In the first part of this article, I described the need for every business owner to create a contingency plan to deal with the possibility (however unlikely it seems) of his or her death or disability. If unplanned for, such an event could lead your company into a chaotic situation that it might not be able to survive.
exit strategy | contingency plan | succession plan
Entrepreneurs who head emerging growth companies generally recognize the need for planning. They see that they need to anticipate (formally or at least informally) for all kinds of risks and contingencies. What if they lose a key customer or supplier? What if commodity prices or foreign exchange rates rise or fall? Typically an entrepreneur has at least an informal plan in place to deal with such events—or can be persuaded of the need for one. As a business owner, you need to have a good contingency plan.
Only ONE in TEN companies grow beyond “No Man's Land”. To improve your chances, you must first understand if your company is in No Man's Land. Learn more in this guide! Subscribe and get your copy now.
An exit plan is a comprehensive road map to successfully exit a privately held business. It asks and answers all of the business, personal, financial, legal, and tax questions involved in selling a privately owned business. Its purpose is to maximize the value of the business at the time of the exit, minimize the amount of taxes paid, and ensure that the business owner is able to accomplish all their personal and financial goals in the process.
