Exit Phase
As an exit phase entrepreneur, you’ll want to achieve a successful and rewarding transition out of your business. Read more about topics and questions to consider below, get in touch with your closest regional center, check out resources for exit phase entrepreneurs and find upcoming educational events on our calendar.
1 | Valuation & Financial Assessment
Knowing your business’s true market value is crucial for effective pricing and negotiation. NYSBDC advisors help you understand how assets, liabilities, cash flow, growth potential, and industry benchmarks impact your valuation. They also assist in preparing financial records, structuring the sale, and optimizing for minimal tax liability and maximum returns.
Questions to Consider:
- Have you had a recent, professional valuation of your business to understand its true market worth?
- Are your financial records clean, accurate, and prepared for the due diligence process?
- Have you considered the tax implications of the sale?
2 | Exit Strategy Development
There are multiple ways to exit a business, including selling to a third party, private equity, management buyouts, or passing the business to family members. Because exiting your business can take months to years, NYSBDC advisors can work with you to develop a strategy on when and how to exit, considering both your personal goals and market conditions.
Questions to Consider:
- Have you chosen an exit strategy that best aligns with your personal and financial goals?
- Is your exit timeline realistic?
- Does your timeline account for potential market changes or delays?
3 | Legal & Contractual Assistance
Exiting a business requires lots of legal documentation, including sale agreements, non-compete clauses, and confidentiality agreements. An NYSBDC advisor can help you understand these requirements and work with you and your legal counsel as you complete documentation, ensure that your business complies with relevant laws, and resolve any outstanding legal or regulatory issues before sale.
Questions to Consider:
- Do you have the necessary legal documentation, including sale agreements, non-compete clauses, and confidentiality agreements?
- Are there any legal or regulatory issues that need resolution before your exit?
4 | Maximizing Business Appeal
As you approach an exit from your business, you might need guidance on optimizing operations, increasing efficiency, or reducing costs to enhance your business’s attractiveness to potential buyers. You might also consider how to increase your loyal customer base and the reputation of your brand for greater buyer appeal. NYSBDC advisors can help you maximize the effect of your business glow-up efforts prior to a sale.
Questions to Consider:
- Are there operational improvements you could make to increase the value and attractiveness of your business?
- Have you built a strong customer base and brand that will appeal to potential buyers?
5 | Negotiation & Buyer Selection
Finding the right buyers can be challenging. Negotiating terms that maximize your financial and personal interests, such as pricing, payment terms, and future involvement in the business, can also be tricky. An NYSBDC advisor can help you stay in alignment with your goals as you search for the right people and terms for the sale of your business.
Questions to Consider:
- Have you identified potential buyers?
- Are you confident in your potential buyers’ ability to continue your business successfully?
- Do you have a negotiation strategy to secure terms that protect your financial and personal interests?
6 | Succession Planning & Transition Support
You’ll want to plan for a smooth handover that ensures the business’s continued success, especially if staff, clients, or suppliers currently rely heavily on you. You’ll also need to be mindful of the impact the sale will have on your employees. NYSBDC advisors can provide guidance on creating a transition that will retain talent and maintain morale.
Questions to Consider:
- Is there a clear transition plan in place to ensure a smooth handover of the business?
- How will you communicate the sale to your employees?
- Have you developed a plan to retain key talent?
7 | Post-Sale Wealth Management
Whether you’re moving on to a new business venture or retiring, you will benefit from planning how to manage the wealth from your business sale so that you preserve and grow your financial gains. An NYSBDC advisor can work with you and your financial professional, especially when you wish to pursue a new business venture.
Questions to Consider:
- Do you have a financial plan for managing the proceeds from the sale of your business?
- Are you clear about your next steps after the exit, whether they involve new ventures, investments, or retirement?
Resources for Businesses in the Exit Phase
Upcoming Events and Webinars
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NELP Remote Small Business Legal Clinic
The Business & Career Center is partnering with the City Bar Justice Center’s Neighborhood Entrepreneur Law Project (NELP) and Pace SBDC to offer a virtual small business legal clinic. This clinic, conducted by NELP, is an opportunity for entrepreneurs to meet with a team of pro...
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IN-PERSON Website Workday at the Brooklyn Public Library
Brooklyn & Manhattan - Pace University SBDC
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Authentic Advantage: Elevate Your Business With Genuine Self-Promotion
This event will be online only Whether you’re a solopreneur or leading a growing company, Qianna Brooks offers actionable strategies to transform authenticity into a competitive advantage. Embrace the opportunity to enhance your self-promotion skills and let your business’s true value shine. Discover how to...
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An Introduction to Trademarks
**This event will be online only** Get an introduction to the basic principles of trademarks and how they differ from patents and copyrights. Learn how to conduct a trademark search using the U.S. Patent and Trademark Office (www.uspto.gov) Please note: This program will be held...
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Library Resources to Write Your Marketing Plan
Event Details **Online only** Marketing plays an important part in the success of a business. To write a successful marketing plan it's necessary to understand the environment in which your business operates - your customers, your competition, and your industry. Join us for an overview...
Library Resources to Write Your Marketing Plan
Event Details **Online only** Marketing plays an important part in the success of a business. To write a successful marketing plan it's necessary to understand the environment in which your business operates - your customers, your competition, and your industry. Join us for an overview...
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