Early: At this stage, you should be thinking about how you’ll incorporate your true north into how you treat employees, customers, and the community. You’ll probably need a small team that consists of a CPA, attorney, banker, insurance agent, and financial advisor. Plans will focus on protecting cash and raising capital where possible to work toward business growth, including family members where appropriate, and developing a basic succession/estate plan.
Mid: At this stage, a larger team more targeted for challenges unique to your business is needed, including consultants with skill sets appropriate to the size of the growing business; an initial exit strategy that leaves room for flexibility; planning more focused on protecting and increasing cash flows and minimizing taxes; and finding areas where the business can be leveraged to help achieve personal goals.
Late: At this stage, a team prepared to help with the type of exit you have planned is needed (such as investment bankers), including updates to estate plans such as legacy planning.
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