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Friday, April 23, 2010 How Much Cash Will You Need From the Sale of Your Business?
How much cash will you need from the sale of your business to enjoy a financially secure post-business life? Most business owners do not know the answer. We recommend you work closely with a financial advisor to set a realistic assumption for a rate of return on your investments. It's important to understand the life expectancy numbers for you and your spouse, and to establish a post-exit annual income amount to determine what you will need to enjoy the retirement you deserve. Attorney Carissa Giebel wrote a column in the Green Bay Press Gazette this week on this topic. She writes:
As a business owner, your "resources" are both in the business and outside of it. You need to know the value of each so you can then determine if there is a gap between the amount of money you will need in the future and what you have today. This gap must be quantified, and you must create and implement a plan to close that gap. Most owners use an experienced financial planner to help with this project.
Exit planning takes time if a business owner wants to leave on their own terms. This planning process begins when owners understand their ultimate objectives and what they have to do to reach them.
If you subscribe to the Green Bay Press Gazette, check out the full column in the business section. Otherwise, you can view it on the Green Bay Press Gazette website. Check out the guest columns from Attorney Carissa Giebel and Attorney Peter Osman every other Tuesday in the business section on various exit planning strategies. | |
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With three offices in Wisconsin, the Wisconsin law firm of Hooper Law Office assists clients with Wisconsin estate planning, asset protection, trusts, wills, estates, probate administration, trust settlement, probates, medical assistance planning, Medicaid planning and eligibility, nursing home planning, long-term care planning, elder law, business exit planning, business succession planning, special needs planning, retirement planning, charitable giving, family limited partnerships, wealth transfer planning, and real estate and transactional law. With over fifteen years of experience practicing law, Hooper Law Office is an experienced estate planning law firm with attorney Foss Hooper. They are trust attorneys, probate attorneys, asset protection attorneys, Medicaid attorneys, elder law attorneys, corporate attorneys, and real estate attorneys serving Outagamie County, Brown County, Waupaca County, Winnebago County, Fond du Lac County, Shawano County, Calumet County, Manitowoc County, Sheboygan County, Dodge County, Green Lake County, Marquette County, Waushara County, Portage County, Marathon County, Menominee County, Oconto County, Kewaunee County, Door County, and Washington County. Cities served include include: Appleton, Green Bay, Clintonville, Oshkosh, Fond du Lac, Shiocton, New London, Freedom, Sherwood, Seymour, De Pere, Kaukauna, Kimberly, Shawano, Pulaski, Oconto, Fremont, Stevens Point, Wautoma, Winneconne, Omro, Berlin, Ripon, Green Lake, Waupun, Beaver Dam, Lomira, Mayville, West Bend, Oostburg, Sheboygan, Plymouth, Manitowoc, Two Rivers, Kewaunee, Algoma, and Sturgeon Bay.
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