Who Should Be Involved In Exit Planning?

Incorporating various perspectives while exit planning allows for a complete, fair, and effective exit strategy that takes the aspirations of all involved into account. Check out our list of who to include.

Published October 14, 2024

a group of people walking in a room to discuss exit planning

Exit plans require extensive consideration. Given their broad impact on all involved, it’s essential to consult the right people. In addition to family, it’s also great to include important non-family employees, business advisors, and sometimes, lawyers and financial experts. Consider meeting with us here at Bridge for advice on all your business needs, and if you’re hoping to formulate an exit plan strategy, check out our article on the top four exit strategies for family business owners. Let’s get started! What are the main groups of people to consult while exit planning for your business?

Family Members: Every family member who’s either involved in the company or impacted by company decisions should have the chance to share their opinion and air any concerns about the exit plan. This is true regardless of whether a family member is an employee of the company.
Key Leadership and Other Employees: Involving key leadership and other employees during the exit-planning process can help smooth out changes. Sometimes this involvement facilitates easier transfers of ownership: a leader or employee might buy the business or propose a plan to take it over in the future. Employee buyouts sometimes also allow for a business owner to remain as a consultant for the company.
Business Advisors: consulting with a team of trusted advisors assures business owners that they are handling all the financial, legal, and procedural complexities in the exit planning process with care. A team of advisors like ours at Bridge draws from a wealth of experience, enabling them to tactfully consider what’s unique to each business.
Legal and Financial Professionals: These specialists, including lawyers, accountants, and brokers, offer specialized advice regarding an exit plan’s impact on taxes, estates, and other obligations. Certified advisors are especially helpful: consider consulting an advisor with a CEPA (Certified Exit Planning Advisor) certification. In addition, a tax professional can clue you into ways to reduce your tax liability, like structuring an installment sale or setting up a charitable remainder trust.

Incorporating these perspectives allows for a complete, fair, and effective exit strategy, taking the aspirations of all involved into account. Although the road to a well-planned exit is often fraught, there are plenty of resources and personnel to draw from to direct the way. Schedule an appointment with Bridge today to see how we can help.