We have a lot of opportunity here in the United States, and many people take advantage of this by starting their own small business.
Of course, your first objective when you go into business is going to be to become profitable. Because of this immediate goal, you may not be thinking long-term at first; and when you are first getting started, how you’re going to exit the business may be the last thing on your mind.
Although the above is understandable, it is wise to think about an exit strategy as soon as you are certain that you are going to be running the business for an extended period of time. There are a number of reasons why you should think things through to their conclusion, but perhaps the most pressing one is the fact that your day-to-day decisions should be made with your long-term goals in mind.
For example, if you intend to keep your business in the family for generations to come, you may proceed differently than you would if you have every intention of selling the business when you retire. Another possibility is that you may want to leave the business to one of your heirs but find a way to provide equally for other family members. Facilitating this will require a certain type of advanced planning.
Many people will benefit from professional input when they are making long-term business plans. If you count yourself among them, simply take a moment to arrange for a consultation with an Oklahoma City financial planning attorney who has a solid background assisting small business owners.
Author, President and Founding Attorney
Parman & Easterday