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Did you know that only 33% of businesses are ever successfully sold, and only 30% of all family businesses survive the transition from one generation to the next?
Considering that typically the business itself represents 50-90% of a typical business owner’s net worth, those statistics are staggering.
Turning the page is never easy or simple, but it’s a reality facing more and more business owners.
By definition, an exit strategy is a plan for what will happen when the day comes that you want or need to leave your business. It describes the form that the transition will take, and lays out plans for some of the most important details. Creating an exit strategy means thinking in advance about how you’d like to eventually leave the business. A strategy can remove a lot of the uncertainty and leave you well prepared to deal with the transition, whether it happens in the next few weeks or twenty years from now.
To help business owners with their exit strategy, Fahmy & Associates is partnering with the Protorae Law firm to present a free, in-person seminar designed to provide an introduction to business succession planning and the best ways to protect the value of your business.
The seminar, “Introduction to Business Succession Planning: What’s Your Exit Strategy,” is scheduled for Wednesday, February 13, from noon until 1:30 and will feature Ken Fahmy, as well as David Knasel from Protorae Law. Both are experts in their fields, with Ken having provided small businesses with employee benefit plans, business succession plans and exit strategies in the DC Metro area for 30 years and David leading Protorae Law’s Trusts and Estates practice.
Topics to be covered range from planning for death or disability of an owner to buy-sell agreements and how they work. By the end of the seminar, you’ll walk away with a clearer understanding of the importance of a business exit strategy and ready to put one in place.
This informative seminar will be held at Protorae Law, 1921 Gallows Road, Suite 950, Tysons, VA 22182.