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Voices Art of Accounting: Checklist for an exit plan for business owners

by todayminutes
October 12, 2021
0

This column converts an excellent article by John P. Napolitano, chairman and CEO of U.S. Wealth Management, into a checklist that could be used to advise clients.

John’s column was about preparing clients for their exit from their business. I liked what he wrote and am presenting a summary here in checklist format with some comments. I copied a lot of what John wrote and did not use quotes, and refer you to his complete column. John also graciously permitted me to use his article as the basis for this checklist.

He suggests that an eventual exit is with a sale, and I concur, but businesses can also be transferred in some manner to a successor or close down. Not much planning is necessary if you plan on working until you drop, but if not, then it makes sense to do some planning.

If you will not be working until you drop, then there should be some “when” in mind. Napolitano suggests choosing a hypothetical jumping-off point so the planning can begin and that is good advice, but I think the planning should start even without that date in mind.

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