SilverLink - Winter 2008 - (Page 9)

risk ManageMent Business Continuity Planning Haute Retirement Leaving Your Business in Style by Virginia Collins, PhD & Mark Weber, JD, CLU, ChFC, MSFS The January 2007 issue of SilverLink began a discussion of Exit Planning strategies—strategies driven by baby boomers as they evaluate their current lifestyles and solidify plans for the future. As previously outlined, a solid approach to Exit Planning consists of a seven-stage process, with each step designed to move business owners closer to making choices that are right for them and their families. In many cases, as business owners work through the process, they create an individualized path toward retirement, with results that reflect their own unique style. These seven steps are listed below: Stage 3—Value Maximization Have you determined the best way to maximize the income stream generated by your ownership interest? Stage 4—Sale to Third Party Could you sell to a third party and pay minimum taxes? Stage 5—Sale to an Insider Would you be able to transfer your business to family members, co-owners or employees while paying minimum taxes and enjoying maximum financial security? Stage 1—Goal Setting Is there a plan in place enumerating your exact retirement goals? What will it take – in cash – to reach those goals? Stage 6—Contingency Planning Do you have a continuity plan for your business if the unexpected happens to you? Stage 7—Financial Independence Stage 2—Valuation Do you know how much cash your business is worth today? Do you have a plan to secure financial independence for your family after the sale? 9 silverlink — Winter 2008

Table of Contents Feed for the Digital Edition of SilverLink - Winter 2008

SilverLink - Winter 2008 Contents Risk Management: Where in the World is Human Resource Consulting? Workers’ Compensation Rate Declines Insurance Certificates Haute Retirement It All Began with a Cup of Coffee Playing Fair in the Housing Market Captives 101 Proceed with Caution Fore! (Or is it Pull? or Giddyup?) Don’t Be Fuelish Employee Benefits: Medical Trend Countdown to Compliance Private Client Services: Buy & Sell Agreements Flood Insurance Pushing Wealth to the Next Generation Client Spotlight: Travel and Transport Internal Happenings: SilverStone Group Giving Back Since 1945

SilverLink - Winter 2008

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