Work with a certified Lawyer to plan your business exit
Todd Jackson Law
Looking for a legal professional adept in Exit Planning? Consider Todd Jackson Law. Our firm, located in Franklin, TN, serves businesses and individuals throughout Tennessee.
Successfully transition out of your business with an exit plan
Successful business owners have the power to control their own future, as well as the future of their company. That’s why businessmen who plan to leave their company to retire or explore other business opportunities can execute an exit planning strategy. But no matter how successful you are, not all exit planning strategies are successful. It can only be successful if you have an experienced exit planning lawyer to protect your legacy and financial security.Â
Most businesses fail to successfully transition ownership. Working with a certified exit planning attorney can help.
An exit plan is a form of strategy and a business planning tool that allows businessmen to leave their companies based on their own terms and to whomever new owner they choose. In a way, it’s not necessarily leaving the company altogether. Exit planning means building a stronger and more valuable business that’s less dependent on the owner and more attractive to buyers and investors.
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A good exit plan offers business owners the peace of mind they deserve after years of handling the business on their own. If they choose to leave for retirement or leave due to death or incapacitation, the business’ exit strategy can serve as a defense mechanism against possible bankruptcy or financial loss.Â
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Planning an exit strategy, however, can be tricky. Several researches actually indicate that the majority of business owners in the United States don’t have a formal exit strategy in place. So, if you’re planning to leave your business without the assistance of its original owner, plan your exit strategy early and seek guidance from legal and financial experts.
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Exit planning is a team effort. Aside from the participation of business owners and higher-ups, you’ll need advisors outside the company. Experienced exit planning lawyers like Todd Jackson can help you come up with a solid plan.
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Todd Jackson Law provides an all-inclusive legal service for business planning and exit planning. From launching a company to leaving an empire, Todd can guide you all throughout your business journey. His knowledge of exit planning laws in Tennessee and the United States can help you make choices appropriate for you and your legacy.
Legal Matters
Frequently asked questions about Exit Planning
Frequently we see clients in need of exit planning legal services. As subject matter experts, we frequently guide clients with the following types of questions. When in doubt, it is a best practice to consult with an experienced lawyer. Have a question about exit planning? Give Todd Jackson Law a call.
According to financial experts, business owners should plan their exit strategy as soon as they start the business. If you think that planning your exit is overwhelming, however, you can still do it three to ten years in advance—depending on the size of the company and its business formation. An early exit strategy can help you invest time in other business and personal priorities.Â
If you’re not handing over your company to your immediate successor, selling it is an ideal exit planning option. However, you need to make sure that your business is ready for sale. The ideal time to sell a company is when you’re mentally and financially prepared, the company has a consistent history of growth, and the macro-economic climate is favorable.
As you plan to exit your business and sell it to investors, you need to prepare for the company’s handover. After you finalize your decisions and identify the value of the company, prepare the business for sale, execute a value improvement plan, build your marketing strategy, identify your potential buyers, open your business for review, and perform due diligence. When you finally found a buyer, prepare for the transition and have your exit planning lawyers and advisors execute the legal actions required.Â
Things to consider with Exit Planning
Tennessee Law
If your business is in Tennessee, then your exit planning strategy is regulated by state authorities and local regulatory bodies. You’ll need Tennessee-based exit planning lawyers like Todd Jackson to navigate the state laws surrounding business entities. Some related exit planning laws in Tennessee are for antitrust, tax evasion, interest rate, and deceptive trade practice.
Risks
The greatest risk is, of course, not having a proper exit plan. But during the exit planning process, avoid the following: overpaying taxes, losing other intangible assets, and not planning post-exit business strategies. Also, keep an eye on the time factor as you plan and finalize your exit.
Federal Law
While planning your exit, all your legal business requirements should be issued in compliance with federal regulations. Not all federal laws will impact your business the same way as other businesses, but make sure that your business complies with tax codes, employment and labor laws, antitrust laws, marketing and advertising laws, and environmental regulations.
Costs
High exit cost is one of the barriers to a successful exit planning, so many business owners are too scared to address it early. But if you have an early and solid exit plan, you’ll only have to consider the basic costs of grooming your business for sale or transfer, such as professional fees and taxes.
Ready to work with an experienced
exit planning lawyer?
Choose Todd Jackson.
trusted. certified.
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3326 Aspen Grove Dr #400, Franklin, TN 37067
Hours: 8:30 am – 5 pm
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