While it's tempting to imagine the ideal situation will naturally emerge over time, this is rarely the case. In my 33 years working with entrepreneurs, very few have sold a business more than once, so this might be an unfamiliar process for you. Why procrastinate or attempt a DIY approach when your business is as valuable as you believe? To achieve the best results, assemble a team of professionals with multiple experiences guiding clients through such transitions. They can help you develop a plan that aligns with your goals and objectives.

Perhaps you would ideally like to transfer the company to your employees but are concerned they don't have the resources to buy you out. Maybe you believe a sale to an outside party might be best, but you aren't sure how to begin the process or worry that your key employees would leave if they found out. Is now the time to consider Private Equity to take the company to the next level, but you aren't sure how to examine that option? Or maybe you have a family business, but you have one child working in the business and others who aren't, and you struggle with how to make the transfer "fair" for everyone. Have you thought of the family discord that can be created if you simply leave the company ownership equally among all your children — active or inactive — because you really see no alternative? Have you thought about the financial resources you will need to net from the transfer to fulfill your goals for the future? Have you done everything to extract value from your company along the way in the most tax efficient way? Similarly, what steps have you taken to minimize the income, estate and other taxes and expenses upon transfer? These are just some of the many challenges and questions that successful business owners face, but there really are solutions and optimal outcomes for every situation if you explore the options and begin planning now.

One of the most challenging aspects of a transfer is working through taxation and exploring ways to minimize transfer costs. An experienced group of professionals, led by someone who can quarterback the team, can help you with this planning process. For me, adding value through tax savings is one of the most rewarding aspects, and I've saved clients millions of dollars because we planned well in advance of a sale. In fact, I've never worked on a business transfer where tax savings from advanced planning weren't much greater than the total planning cost.

If your business is worth over $5 million, please contact me. We at Meritrust Wealth Management offer a Comprehensive Transfer Assessment free of charge to determine if we can assist you on this journey. I can promise you there is no obligation to hire us, but it will be time well spent. Here's to a happy and prosperous new year.

Frank Hill is a senior financial advisor and partner at Meritrust Wealth Management. Hill has more than 30 years of experience in financial planning and wealth management. He is a Certified Financial Planner® serving a clientele of predominantly high-net-worth individuals and business owners, with a focus on financial and estate planning strategies. His expertise lies in helping business owners as they work toward successfully exiting their businesses.