Exit Strategy Planning Comprehensive Update2003

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  • According to a PricewaterhouseCoopers 2005 survey: There are more than 9 million business owners of which more than half are 50 years old or older Firms with $5 million to $150 million of revenue 2/3 rd of the owners plan to leave in 10 years More than 75% of the owners have done little planning for what will be the single most significant financial event of their lives According to the SBA, at any given time 40% of U.S. businesses are facing the transfer of ownership issue…….primary cause of failure…..lack of planning THERE IS A NEED FOR EXIT PLANNING….Not addressing the complex issues relating to ownership transfer can have some very negative results….to name a few ….failed transaction, huge tax bill, family feuds and potential chaos should an unexpected event happens to the owner or key employee Now let’s talk about the components of an Exit Plan
  • The role is one of educator, developer, coordinator, facilitator and consultant….LOOK AT ME AS A GENERAL CONTRACTOR Keep in mind the owner is going down a path never traveled before, faced with the single most significant financial event of their lives…I am there to educate them on the process taking away some of the unknown…..I am in their corner from start to finish helping them balance two key emotions “FEAR AND GREED” While I am helping with the balancing act I will assist with putting together an advisory team consisting of an attorney, cpa, insurance and financial professional most often are existing advisors I will coordinate and facilitate the process working interdependently with the advisor team Develop an operating strategy enhancing the value drivers of the business while addressing weaknesses, opportunities and threats Implementation
  • Higher exit multiple and minimizing the tax bill By positioning the business with features that the market will pay a premium for CURB APPEAL IF YOU WILL For example: getting a .25 to .5 increase in multiple on the $3 million EBITDA company equates to $750 thousand to $1.5 million to the owner As far as pricing I can be flexible spreading payments over time or structuring a success fee on exit….we can talk in more detail later The real cost to the owner is NOT having an Exit Strategy Plan, having a plan will net the owner more after tax cash The process is adaptable: owner objectives, company attributes, industry structure will dictate or prioritize the executive strategy of the plan.
  • This slide illustrates the components of the seven step process used in developing a comprehensive Exit Strategy Plan Each component we will talk about in more detail later on in the presentation Now ….What should an Exit Strategy Plan do for you
  • Exit Strategy Planning Comprehensive Update2003

    1. 1. EXIT STRATEGY PLANNING “ Achieving optimum value for your business” 06/25/10 PACE CAPITAL RESOURCES, LLC
    2. 2. EXIT STRATEGY PLANNING 06/25/10 PACE CAPITAL RESOURCES, LLC Business Planning Exit Strategy Planning Estate Planning “ Exit Strategy Planning coordinates and integrates Business Planning and Estate Planning based on the Business Owner’s objectives”
    3. 3. MARKET NEED <ul><li>Based on a 2005 survey by PriceWaterhouseCoopers’: </li></ul><ul><ul><li>More than 4.5 million business owners are 50 years old or older. </li></ul></ul><ul><ul><li>67% of business owners of firms with revenues from $5 million to $150 million plan to leave the business within the 10 years. </li></ul></ul><ul><ul><li>More than 75% of the owners have not done much planning for what will probably be the single most significant financial event of their lives. </li></ul></ul><ul><ul><ul><li>M&A Marketplace: </li></ul></ul></ul><ul><ul><ul><ul><li>Success rate is 1 in 4 actually sells (1) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Success rate for businesses with sales of $10 million – 1 in 3 (1) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Success rate for businesses with sales above $10 million – 50-50 (1) </li></ul></ul></ul></ul><ul><li>(1) 2005 Business Reference Guide by Tom West </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    4. 4. EXIT ALTERNATIVES <ul><li>Sell to a Strategic Buyer – 100% liquidity. </li></ul><ul><li>Sell to a Financial Buyer – up to 100% liquidity. </li></ul><ul><li>Sell to Management/Family– up to 100% liquidity. </li></ul><ul><li>Recap – harvest a majority of your net worth and retain minority ownership “for a second bite of the apple” but still maintain operational control of the business. </li></ul><ul><li>ESOP – up to 100% liquidity selling the business to the employees. </li></ul><ul><li>IPO – initial public offering. </li></ul><ul><li>Liquidate. </li></ul><ul><li>Is your company positioned to consider multiple exit alternatives or are your alternatives limited? </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    5. 5. ISSUES LIMITING EXIT ALTERNATIVES AND VALUE <ul><li>Is there an heir apparent to run the business in the future? </li></ul><ul><li>Do you have the management depth to take the business to the next level? </li></ul><ul><li>Does your largest customer account for less than 20% of sales? </li></ul><ul><li>Do you have multiple suppliers for product or raw materials? </li></ul><ul><li>Do you have systems and processes to properly manage the business in the future and provide the level of service expected from your customer base? </li></ul><ul><li>Does the business have opportunities for growth through geographic expansion, product line extensions or new channels of distribution? </li></ul><ul><li>Do you have excess capacity to support future growth? </li></ul><ul><li>A “NO” to any of these questions may limit your alternatives and depress the value of your business. Proper exit planning addressing these and other issues will produce the desired results positioning the business as an attractive investment from multiple sources. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    6. 6. THE ISSUES <ul><li>Exit Strategy Planning involves answering &quot;Yes&quot; to seven questions: </li></ul><ul><li>Do you know your exact retirement goals and what it will take, in cash, to reach them? </li></ul><ul><li>Do you know how much your business is worth today, in cash? </li></ul><ul><li>Do you know to position your business to maximize enterprise value? </li></ul><ul><li>Do you know how to sell your business to a third party and pay the least possible taxes? </li></ul><ul><li>Do you know how to transfer your business to family members, co-owners, or employees while paying the least possible taxes and enjoying maximum financial security? </li></ul><ul><li>Do you have a continuity plan for your business if the unexpected happens to you? </li></ul><ul><li>Do you have a plan to secure financial independence for your family if the unexpected happens to you? </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    7. 7. ROLE OF PACE CAPITAL RESOURCES <ul><li>Pace helps the business owner achieve a successful exit by providing the following turnkey services: </li></ul><ul><li>Educate the business owner from start to finish on the exit process; guiding the owner down an unknown path, the single most significant financial event of an owner’s life, helping him or her balance two key emotions: “fear and greed”. </li></ul><ul><li>Develop an advisory team initially consisting of an attorney, a CPA, an insurance and financial professional, most of which are probably the owner’s existing advisors. </li></ul><ul><li>Coordinate and facilitate the creation of an Exit Strategy Plan based on the owner’s goals and objectives. </li></ul><ul><li>Develop an operating strategy enhancing the value drivers of the business while addressing weaknesses, opportunities and threats. </li></ul><ul><li>Implementation of the strategy to a successful completion of an exit. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    8. 8. VALUE PROPOSITION OF EXIT STRATEGY PLANNING <ul><li>Higher exit multiple – the market will pay a premium for a properly positioned business. </li></ul><ul><li>A 0.5 or 1.5 increase in exit multiple - equates to $1,500,000 to $4,500,000 in additional value to the owners of a $3,000,000 EBITDA business. </li></ul><ul><li>Nominal upfront out of pocket cost – fee schedule is flexible with payments spread out over time. </li></ul><ul><li>Alignment of goals – a success fee is charged based on the value received for the business at exit. </li></ul><ul><li>Each owner will have his or her personal objectives, each company has its own attributes and each industry has its own set of dynamics which will dictate or prioritize the execution strategy of your Exit Strategy Plan. The end result is a well defined plan for positioning the business to build strategic value and preparing for a successful sale in a reasonable time frame. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    9. 9. INGREDIENTS OF A SUCCESSFUL EXIT <ul><li>A written Exit Strategy Plan based on an owner’s objectives. </li></ul><ul><li>Designed and implemented by an experienced team of advisors. </li></ul><ul><li>Cash flow, maximizing value </li></ul><ul><li>Management Team capable of running the business. </li></ul><ul><li>Time. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    10. 10. EXIT PLAN COMPONENTS 06/25/10 PACE CAPITAL RESOURCES, LLC
    11. 11. SEVEN STEP PROCESS <ul><li>Step 1 – Indentify Exit Objectives </li></ul><ul><li>Step 2 – Quantify Business and Personal Financial Resources </li></ul><ul><li>Step 3 – Maximizing and Protecting Business Value </li></ul><ul><li>Step 4 – Ownership Transfer - Selling to Third Parties </li></ul><ul><li>Step 5 – Ownership Transfer - Selling to Insiders </li></ul><ul><li>Step 6 – Business Continuity </li></ul><ul><li>Step 7 – Personal Wealth and Estate Planning </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    12. 12. 1. IDENTIFY EXIT OBJECTIVES <ul><li>The process begins with answering three questions: </li></ul><ul><li>How much longer does an owner want to work in the business before retiring or moving on? </li></ul><ul><li>What annual after-tax income does the owner want during retirement? </li></ul><ul><li>To whom does the owner want to sell the business? </li></ul><ul><li>Benefits to the Owner: </li></ul><ul><li>Clarifies priorities. </li></ul><ul><li>Facilitates progress by indentifying a desired outcome. </li></ul><ul><li>Controls and defines the Exit Strategy Planning process. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    13. 13. 1. IDENTIFY EXIT OBJECTIVES <ul><li>Additional Objectives: </li></ul><ul><li>Shift wealth to children. </li></ul><ul><li>Provide charitable gifts or transfers. </li></ul><ul><li>Reward employees. </li></ul><ul><li>Receive full value for the business. </li></ul><ul><li>Take business to the next level. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    14. 14. 1. IDENTIFY EXIT OBJECTIVES <ul><li>Advisory Team: </li></ul><ul><li>Who is the advisory team? </li></ul><ul><ul><li>Attorney – Estate, Tax, Corporate </li></ul></ul><ul><ul><li>Wealth Management Advisor, Financial Planner </li></ul></ul><ul><ul><li>CPA </li></ul></ul><ul><ul><li>Insurance Advisor </li></ul></ul><ul><ul><li>Valuation Specialist </li></ul></ul><ul><ul><li>Exit Strategy Planning Specialist </li></ul></ul><ul><ul><li>No one professional has all the answers. </li></ul></ul><ul><ul><li>Diverse skills and talents are necessary. </li></ul></ul><ul><ul><li>Team approach minimizes time and cost. </li></ul></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    15. 15. 2. QUANTIFY BUSINESS AND PERSONAL FINANCIAL RESOURCES <ul><li>Perform a “needs assessment” to determine the amount of after-tax dollars needed to lead the desired lifestyle after exiting the business. </li></ul><ul><li>Perform a third party valuation of the business. </li></ul><ul><li>Do the combined business and personal financial resources meet your target amount? </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    16. 16. 3. MAXIMIZING AND PROTECTING BUSINESS VALUE <ul><li>Benefits to the Owner: </li></ul><ul><li>Increase enterprise value by creating and enhancing the value drivers of the business. </li></ul><ul><li>Tax strategy -reduce income taxes upon sale of business. </li></ul><ul><li>Protect assets from potential business and personal creditors. </li></ul><ul><li>Motivate and keep key employees. </li></ul><ul><li>Create ability to sell the business. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    17. 17. 3. MAXIMIZING AND PROTECTING BUSINESS VALUE <ul><li>Value Drivers: </li></ul><ul><li>Proven management team. </li></ul><ul><li>Reliable operating systems and processes. </li></ul><ul><li>Effective financial controls. </li></ul><ul><li>Realistic growth strategy. </li></ul><ul><li>Product differentiation. </li></ul><ul><li>Proprietary technology. </li></ul><ul><li>Market defensibility. </li></ul><ul><li>Established and diversified customer base. </li></ul><ul><li>Established and diversified vendor base. </li></ul><ul><li>Consistent profitable performance trends </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    18. 18. 3. MAXIMIZING AND PROTECTING BUSINESS VALUE <ul><li>Process: </li></ul><ul><li>Assess industry structure, the balance of power of your business (Supplier Power, Buyer Power, Competitive Rivalry, Threat of Substitution and Threat of New Entry). </li></ul><ul><li>Perform a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of the business. </li></ul><ul><li>Analyze competitive position, advantages and value drivers of the business. </li></ul><ul><li>Review operating systems and processes. </li></ul><ul><li>Assess human resources, asset and capital requirements. </li></ul><ul><li>Assess value creation alternatives. </li></ul><ul><li>Develop a strategic plan to enhance the value drivers of the business and address weaknesses and threats; positioning the business to achieve optimum value on an after tax basis. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    19. 19. FIVE FORCES – BALANCE OF POWER <ul><li>Threat of New Entry : C ompetitive Rivalry : </li></ul><ul><li>Cost advantages Number of Competitors </li></ul><ul><li>Economies of scale Quality differences </li></ul><ul><li>Time and cost of entry Customer loyalty </li></ul><ul><li>Barriers to entry Switching costs </li></ul><ul><li>Supply Power : </li></ul><ul><li>Number of suppliers Buyer Power : </li></ul><ul><li>Size Number of customers </li></ul><ul><li>Cost of Changing Price sensitivity </li></ul><ul><li> Ability to substitute </li></ul><ul><li>Threat of Substitute : </li></ul><ul><li>Cost of Change </li></ul><ul><li>Performance </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC Competitive Rivalry Supplier Power Buyer Power Threat of New Entry Threat of Substitute
    20. 20. SWOT ANALYSIS 06/25/10 PACE CAPITAL RESOURCES, LLC Strengths: Weaknesses : What do others see as your strengths? What factors lose you sales? What do you do well? What could you improve? What advantages do you have? Where do you have fewer resources? What unique resources do you have? What do others see as weaknesses? Opportunities: Threats: What opportunities are open to you? What trends can harm you? Take advantage of current trends? What is your competition doing? Can you turn your strengths into opportunities? What threats do your weaknesses expose you to?
    21. 21. 3. MAXIMIZING AND PROTECTING BUSINESS VALUE <ul><li>Possible recommendations: </li></ul><ul><li>Management Team Development Plan. </li></ul><ul><li>Profit margin improvements (outsourcing processes, procurement costs, pricing, production improvements, cost reductions, acquisitions). </li></ul><ul><li>Key Employee Incentive Compensation Plan (stock bonus, stock appreciation rights, non-qualified compensation plan, cash bonus). </li></ul><ul><li>Separation of business assets from business operations. </li></ul><ul><li>Non- solicitation, Non-compete agreements. </li></ul><ul><li>Wealth transfer to children during owner’s lifetime. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    22. 22. 4. OWNERSHIP TRANSFER – SELLING TO THIRD PARTIES <ul><li>Benefits to Owner: </li></ul><ul><li>Cash at closing. </li></ul><ul><li>Eliminate or reduce financial risk. </li></ul><ul><li>No family succession issues. </li></ul><ul><li>Speed of exit. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    23. 23. 4. OWNERSHIP TRANSFER – SELLING TO THIRD PARTIES <ul><ul><li>Considerations: </li></ul></ul><ul><ul><li>Ability to sell and business value determined by: </li></ul></ul><ul><ul><ul><li>Intrinsic Value: the value drivers </li></ul></ul></ul><ul><ul><ul><li>Extrinsic Value: the value the market places on the business </li></ul></ul></ul><ul><ul><ul><li>Effectiveness of the sale process </li></ul></ul></ul><ul><ul><ul><li>M&A Marketplace: </li></ul></ul></ul><ul><ul><ul><ul><li>Success rate is one out of four actually sells (1) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Success rate for businesses with sales of $10 million – one out of three (1) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Success rate for businesses with sales above $10 million – 50-50 (1) </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Positioning the business for sale, pre-sale due diligence and tax planning. </li></ul></ul></ul></ul><ul><li>(1) 2005 Business Reference Guide by Tom West </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    24. 24. 5. OWNERSHIP TRANSFER - SELLING TO INSIDERS <ul><li>Benefits to the Owner: </li></ul><ul><ul><li>Achieves exit objective of: </li></ul></ul><ul><ul><ul><li>Selling to key employee group </li></ul></ul></ul><ul><ul><ul><li>Transferring to a relative </li></ul></ul></ul><ul><ul><ul><li>Motivates and retains key employees. </li></ul></ul></ul><ul><ul><ul><li>Planning reduces risk and increases amount of cash received by minimizing the tax consequences for both the seller and buyer. </li></ul></ul></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    25. 25. 5. OWNERSHIP TRANSFER - SELLING TO INSIDERS <ul><li>The 5 Rules of Engagement for Insider Transfers </li></ul><ul><li>Do not take an inordinate amount of risk on the front end. </li></ul><ul><li>Do not give up control until receiving the last dollar. </li></ul><ul><li>Shorten the timeline as much as possible. </li></ul><ul><li>Minimize taxes for both parties. </li></ul><ul><li>Utilize the cash flow of the business as efficiently as possible since that is the resource paying for the transfer. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    26. 26. 5. OWNERSHIP TRANSFER - SELLING TO INSIDERS <ul><li>Sale to a Third Party for Cash: </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC Fair Market Value = $10,000,000 Cash Flow = $2,500,000 Buyer Cash for purchase Owner $8,000,000 Net of Tax
    27. 27. 5. OWNERSHIP TRANSFER - SELLING TO INSIDERS <ul><li>Sale to Employee for Installment Note: </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC Fair Market Value = $10,000,000 Cash Flow = $2,500,000 Employee Cash flow from business $2,500,000 - $1,500,000 (net of taxes) Cash to Owner $1,200,000 (net of taxes) Owner $8,000,000 Net of Tax Timing: 7 – 9 years
    28. 28. 5. OWNERSHIP TRANSFER - SELLING TO INSIDERS <ul><li>Transfer to Employee Phase 1: </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC Fair Market Value = $5,000,000 - $10,000,000 Cash Flow = $2,500,000 Employee Purchased 40% for $2,000,000 ($1,000,000 of cash flow per year to employee) Owner $480,000 Net of Tax $1,440,000 After 3 Years Owner Cash flow from business $1,500,000 Owner $900,000 Net of Tax $2,700,000 After 3 Years
    29. 29. 5. OWNERSHIP TRANSFER - SELLING TO INSIDERS <ul><li>Transfer to Employee Phase 2: </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC Fair Market Value = $5,000,000 - $10,000,000 Cash Flow = $2,500,000 Employee Purchased 60% for $6,000,000 Owner $4,800,000 Net of Tax Timing: 3 years Owner $8,940,000 After 3 Years
    30. 30. 5. OWNERSHIP TRANSFER - SELLING TO INSIDERS <ul><li>Possible recommendations: </li></ul><ul><li>Sale of ownership interest (cash, note or bank financing). </li></ul><ul><li>Bonus or gift of ownership interest. </li></ul><ul><li>Grantor Retained Annuity Trust (GRAT). </li></ul><ul><li>Non-qualified deferred compensation plan (409a). </li></ul><ul><li>Buy back agreement for minority owner. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    31. 31. FAMILY SUCCESSION ISSUES <ul><li>Only one third of family businesses are passed to the second generation </li></ul><ul><li>Only 10% are passed to the third generation </li></ul><ul><li>Reasons: </li></ul><ul><li>Children may not get along </li></ul><ul><li>Different career goals </li></ul><ul><li>Inability for parents to achieve financial goals </li></ul><ul><li>Unable to run the business </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    32. 32. INGREDIENTS OF SUCCESSFUL TRANSFER <ul><li>A written plan </li></ul><ul><ul><li>Defines financial independence </li></ul></ul><ul><ul><li>Defines fairness in distribution </li></ul></ul><ul><ul><li>Timeline </li></ul></ul><ul><li>Only one child becomes sole successor or at least control </li></ul><ul><li>Business transition plan is fair to all </li></ul><ul><li>Parents achieve financial security independent of the business </li></ul><ul><li>Business active child demonstrates the ability and willingness to run the business </li></ul><ul><li>There is a backup Plan B </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    33. 33. INGREDIENTS OF SUCCESSFUL TRANSFER <ul><li>Reasons for backup Plan B: </li></ul><ul><li>Value increases to a point a buyout is financially too difficult </li></ul><ul><li>Increase in value exceeds value of other assets – “fairness” </li></ul><ul><li>Business becomes too complex or sophisticated for one child </li></ul><ul><li>Child losses interest or becomes ill </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    34. 34. 6. BUSINESS CONTINUITY PLANNING <ul><li>Benefits to the Owner: </li></ul><ul><li>Objectives can still be achieved if you do not survive your exit. </li></ul><ul><li>Retains ownership and control of business if co-owners depart. </li></ul><ul><li>Can force non-contributing owners to leave the business. </li></ul><ul><li>Provides consistency between lifetime and death objectives. </li></ul><ul><li>Ensures survival of the business for the benefit of others by: </li></ul><ul><ul><li>Addressing continuity of ownership </li></ul></ul><ul><ul><li>Addressing the potential loss of financial resources </li></ul></ul><ul><ul><li>Addressing loss of key talent, customers and vendors </li></ul></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    35. 35. 6. BUSINESS CONTINUITY PLANNING <ul><li>Possible Recommendations: </li></ul><ul><li>Review and update continuity guidelines. </li></ul><ul><li>Review and update Buy-Sell (Shareholder) Agreement </li></ul><ul><ul><li>Valuation </li></ul></ul><ul><ul><li>Funding mechanism </li></ul></ul><ul><ul><li>Address voluntary and involuntary termination </li></ul></ul><ul><li>Insurance for continuity planning. </li></ul><ul><li>Stay bonus plan. </li></ul><ul><li>Plan for financial independence of the business. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    36. 36. 7. PERSONAL WEALTH AND ESTATE PLANNING <ul><li>Benefits to the Owner: </li></ul><ul><li>Preserve wealth, minimize taxes using both lifetime and death planning tools. </li></ul><ul><li>Coordinates and integrates lifetime exit objectives with the estate plan. </li></ul><ul><li>In effect, estate planning becomes part of the business planning. </li></ul><ul><li>Possible Recommendations: </li></ul><ul><li>Personal asset protection planning. </li></ul><ul><li>Personal and family insurance. </li></ul><ul><li>Transferring of specific non-business assets. </li></ul><ul><li>Personal wealth management plan. </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC
    37. 37. REALITY <ul><li>Eventually every owner will exit their business voluntarily or otherwise.  Proper Exit Strategy Planning will enable you to: </li></ul><ul><li>transition under your time frame </li></ul><ul><li>maximize the after-tax value of your business </li></ul><ul><li>ensure continuity in case of an unexpected event </li></ul><ul><li>assure financial security for you and your family </li></ul>06/25/10 PACE CAPITAL RESOURCES, LLC

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