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Others approaches use defined payments over time or based on specific performance. In this case, a business transition plan should be created that clearly defines who will succeed in owning and managing the business, what timeline will be established for this transfer and what actions have to be planned and executed. Once you have determined the approximate value of your business, look for strategic buyers who would be willing to pay even more for your business. Consider the tax consequences of each of the above business exit planning options. Get help from outside professionals. Business exit planning can be quite complex and will likely involve important accounting, tax, legal, business valuation, financial planning, and estate planning issues. Be aware of taking an unsolicited offer from a third party without having created an auction type of environment in which multiple buyers are encouraged to compete to purchase your company. Different business exit planning approaches may have different tax consequences that will reduce your ultimate net sales proceeds. Also consider the many different ways in which a sale can be structured in the definitive agreement. Get help from experts in these areas and from a qualified exit planning professional. If the business exit planning strategy is to sell the business, get help from business brokers or exit planners in finding and negotiating with potential buyers.{/INSERTKEYS}{/PARAGRAPH} {PARAGRAPH}{INSERTKEYS}Posted on October 6, by Exit Architect Business exit planning is the process of considering the options that are available to an owner and creating a plan that best controls how and when the owner exits from the business. There are several business exit planning options that may be appropriate for the owner to consider, but they typically fall into the following two categories: Transfer the ownership to family members or employees. Some of these will get you all your cash up front. A business valuation on your company should be secured from a qualified business valuation expert. These add risk to your getting paid and potentially reduce the amount of cash that you will receive.