At The Morrison Firm in Tyler, TX, we understand that planning for the future is a crucial aspect of maintaining a successful business. Whether you’re looking to retire, sell your business, or pass it on to the next generation, our Business Exit and Succession Planning services provide tailored strategies to ensure a smooth transition. A well-crafted plan ensures your business thrives under new ownership while you exit with maximum financial benefit, safeguarding your legacy and the future success of your enterprise.
Our expert team, led by a Certified Exit Planning Advisor (CEPA), works closely with you to develop a comprehensive plan that protects your legacy, maximizes value, and secures the future of your business. Let us guide you through this complex process with our deep expertise and local knowledge.
At The Morrison Firm, our team offers customized business exit planning strategies tailored to your unique business goals. Combining our expertise in financial planning, tax optimization, and legal considerations with deep local market knowledge in Tyler and East Texas, we help you maximize your business’s value, ensuring a smooth and successful exit.
Our team includes Certified Public Accountants (CPA), Certified Valuation Analysist (CVA) Certified Exit Planning Advisors (CEPA) and Business Brokers who bring specialized skills and knowledge to guide you through the complex exit planning process. We work with you to create a comprehensive plan that addresses every aspect of your exit strategy, ensuring your business legacy is secure and your future is protected.
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- Understand the value of their business, both tangible and intangible
- Determine how ready and attractive their company is currently
- Identify the owner’s three gaps (value, wealth, profit)
- Identify the Range of Value of an owner’s company. What is it worth today and what is it potentially worth
- Understand their exit options and how they apply to their company and exit goals
- Better understand their personal vision and personal financial needs
- Align their business, personal and financial goals
- Create, deliver and maintain 90-day action plans helping an owner de-risk their business and grow value
- Bring the advisory team together, and the owner’s internal team together, to work towards common goals and better collaborate
Key Components of a Successful Exit Plan
A successful exit plan involves financial analysis, accurate business valuation, tax optimization, and legal compliance. Additionally, we help you lower your business risk, avoid asset concentration, maximize the value of your company at time of exit, preserve family wealth for later generations and lowers or eliminates capital gains taxes.
Succession Planning for Family-Owned Businesses
For family-owned businesses, succession planning is crucial for a smooth transition to the next generation. We help you develop strategies that minimize family conflicts and preserve wealth, ensuring your business continues to thrive under new leadership while honoring your legacy.
Maximizing Value Before the Exit
To maximize the value of your business before exiting, we implement growth strategies that enhance your company’s market position and appeal to potential buyers. By preparing your business for a successful sale or transfer, we help you achieve the highest possible return.
Why Choose The Morrison Firm in Tyler, TX?
The Morrison Firm is deeply committed to the East Texas business community. Our local expertise and personalized approach have earned us the trust of business owners across Tyler, TX. We are dedicated to delivering results that align with your goals and securing your business’s future.
Get Started with Your Exit and Succession Plan Today
Don’t wait to start planning your business exit. Contact The Morrison Firm today to schedule a consultation. Our team is ready to help you create a plan that secures your future and protects your legacy. Visit our office in Tyler, TX, or reach out via phone or email to get started.
When should I contact The Morrison Firm to discuss selling my business?
Ideally we would start at least 18 months prior to your preferred sale date. The process of restructuring or cleaning up your business takes at least 6 months to complete. Additionally, buyers typically want to see a Trailing Twelve Months (TTM) of activity. Although restructure and cleanup can overlap, the first 6 months will be dedicated to restructuring, the following 12 months can be dedicated to cleaning up your financial reporting, both of which will serve to increase the value of your company.
I already have a buyer, should I just do this myself?
NO! There are simply too many considerations to address. We at The Morrison Firm have streamlined solutions specifically for those who believe they already have a qualified buyer.
How much does it cost for The Morrison Firm to sell my business?
We operate on a monthly retainer during the contract period and then charge a commission on a successful sale. We have yet to have a sale where we didn’t provide value far beyond our fees, which makes the effort and process a truly smart investment.
What happens if my business doesn’t sell?
It’s true that over 80% of businesses never sell. That’s due to the fact that most businesses are unsaleable and their owners don’t set themselves up for success. We at The Morrison Firm utilize a tried and true Value Acceleration Method in addition to our broad skills and experience, which will give your business the highest possible likelihood of a successful sale.
What happens to my employees?
That all depends on you and the planning and thought put into the transaction. Taking care of your employees is often high on the list of conscientious business owners. There are many creative ways to make sure that your employees are well taken care of under new ownership. Additionally, the buyer is often very interested in keeping employees, including key employees. Keeping key employees engaged is a critical part of the plan.
Does it matter how my business is structured?
Yes! Whether your business is a Sole Proprietorship, Limited Liability Corporation, Corporation, or Partnership will directly affect the transaction and planning. Many companies utilize more than one entity to structure their business.
I would like to give some of my sale proceeds to charity, is there a way to do that?
Yes! Many owners want to give structured gifts to charity in a way that is tax efficient. This takes significant planning to make sure that the least tax is paid and the most benefit is received by the charitable entity.
How does a buyer value a business?
- Industry/Products/Services
- Competition
- Geography
- Amount of revenue
- Amount of income
- Number of employees
- Perceived risk
- Politics
- Broader economy
- Structure of your company
- Concentration of clients/customers
- Concentration of suppliers
Do I have to stick around after the sale?
It’s up to you. Some buyers will expect a seller to stay around in some capacity to ensure a smooth transition for employees, contractors, customers, and the like. Some sellers want to stay on and continue their career without the hassle and uncertainty of ownership. The good news is that you will get paid for your services.
I already have a CPA who does my taxes, what can The Morrison Firm do that they can’t?
A lot. We specialize in a holistic approach that goes beyond historical filing of taxes, which is what most CPAs focus on. We take a forward-looking, customized approach to work with business owners to identify your personal goals and aspirations, then work to put a plan in place to achieve them. We don’t need to file your tax returns, so you can keep your current CPA.