Business Exit Planning

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Everything's Moving Faster. Shouldn't You?

Now 50 is the new 40. Orange is the new black. And the pace of change is only increasing. So while your career may be off to a great start, the real question is, how do you consistently stay ahead?

Marko Mijuskovic, BA, MBA, MSIS, CExP, can help you answer that very important question with two questions of his own. First, where do you want to go? Break out that clean sheet of paper, daydream, create a vision board, drop some crazy numbers into a spreadsheet - do whatever it takes to set some clear goals. "This is the fun part," chuckles Marko.

Second question: How are you going to get there? Marko is quick to admit this one can be a little more challenging. "It's true that younger people have more flexibility and more options open to them. But all those options and possibilities can end up creating confusion if the person doesn't know how to properly evaluate them. And how" asks Mako, "can they properly evaluate everything if they don't have the experience?" The short answer is, many don't.

"When you're younger its easy to put off planning for tomorrow until tomorrow," says Marko. "Especially when things are going well." But Marko is quick to remind his clients that business, like most things, runs in cycles. Being prepared for that inevitability is crucial to long-term success.

Those that start the process early give themselves a tremendous advantage. "Planning today is so much easier and less costly than trying to salvage tomorrow," counsels Marko. "Each year that goes by tends to add a little more complexity. Think about it like your garbage. You store a couple more boxes his year, some old clothes next year - ten years later there's stuff everywhere and trying to navigate through it all just bogs you down."

There is not only a time cost associated with cleaning things up, but there is also a much larger financial hit to consider. Doing nothing may look like the less expensive route, but Mr. Mijuskovic suggests business professionals weigh the cost of doing something today against the cost of doing nothing. "It might look like you're saving money by not spending money. But cleaning things up down the road can end up costing five to ten times more than getting things set up properly today." 

So where to start? Bankers, Insurance Agents, Tax Professionals, and Lawyers can all offer advice and counsel. However, taken individually that advice can pull a person in many different directions. Rather being the "General Contractor" who builds their own exit plan by hiring a team of independent professionals, Mr. Mijuskovic's approach to exit planning is to assemble a hand-picked team of experienced professionals for each of his clients. Marko first selects and then directs the team based on his client's needs, the industry in which his client works, and any special considerations. 

The net result is a highly personalized, comprehensive exit plan that factors in accounting, legal, managerial, insurance, and tax concerns. If anything changes - whether it's the client's goals or something specific to a particular area of the industry, like a tax law - the plan can be adjusted easily. And of course, quickly. 

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