Nine Ways to Leave Your Business

March 09, 2017

by Linda Colon

Linda ColonExit planning has become increasingly important with more and more baby boomers deciding to leave the workforce and transition their business to new owners. Nearly 50 business owners recently attended our event on this topic presented by Michael Camerota, founder of Touchstone Advisors, a Connecticut exit planning and merger and acquisition firm. He shared his expertise on several different pathways to transition business ownership, along with advantages and disadvantages for each course of action.

Camerota’s presentation was entitled, “Nine Ways to Leave Your Business,” and focused on educating business owners about:

• better understanding their options
• the importance of planning early when deciding to sell a business
• preparing themselves and their business for the critical steps in the process

Here are the nine (9) ways various ways to either sell or transfer your business:

1. to a family member(s)
2. to other owners (partners)
3. to management
4. to employee stock ownership plan (ESOP)
5. to an individual buyer
6. to a strategic buyer
7. to a private equity group
8. voluntary liquidation
9. involuntary liquidation

Session 1 for NIST

Camerota also emphasized the importance of having a non-biased, third party assist the business owner during the transition process. An independent voice can provide different perspectives on the most favorable and lucrative way to leave your business.

If you’re looking for ways to add value to your business as you consider transitioning it over the next few years, CONNSTEP, Inc. is here to help guide you along the way.

CONNSTEP solved a huge problem for us and helped us bring our delivery rate to 100%. As a direct result of that, we have been awarded with an increase in business which, ultimately, will also benefit (our supplier) Har-Conn.”

CT manufacturer Pegaasus

Chris DePentima

CEO, Pegasus Manufacturing Inc.

“I see great value in the new experiences and perspectives CONNSTEP brings to our business, at reasonable prices. They’re not like consultants, they’re like partners in the business – willing to roll up their sleeves and help.”

AGRussell logo

Mark Burzynski

President, Arthur G Russell Co

“CONNSTEP has proved to be a tremendous resource for ESI. CONNSTEP has helped us to adapt to today’s marketplace and remain a quality minded, competitive global player. Our ISO/TS16949 implementation process was efficient and rewarding. I look forward to our future projects with CONNSTEP.”

esi CT manufacturer

Ron Delfini

President, Engineering Specialties Inc.

“CONNSTEP worked with FuelCell Energy to educate and facilitate Lean initiatives and to help meet our needs to establish an overall production improvement plan. This plan has been utilized over a period of time as a ‘guiding light’ to spur numerous improvements that dramatically reduced our product cost.”

Tom Lucas

Manager, Fuel Cell Energy

“CONNSTEP is a valuable partner to Hologic, providing the expertise and ‘outside eyes’ everyone needs to keep their continuous improvement on track. We are now well-positioned on a dynamic growth path and look forward to a long-term relationship with CONNSTEP.”

Greg Safarik

VP Manufacturing Operations, Hologic

“Our experience working with CONNSTEP has brought us benefits we never expected. It’s a great team to work with!”

Bruce Wheeler

VP of Operations, Metal Finishing Technologies Inc.

“The goals of the team were to reduce manufacturing lead-time, reduce floor space utilized, and increase worker productivity. All the goals were met. CONNSTEP helped us to better compete.”

Tornik CT manufacturer

Dan Rubbo

General Manager, Tornik LLC

“The Business Growth Program is working well for us. We enhanced our website following the meetings to improve our SEO and become more visible to search engines. The segment on negotiating …  promoted changes in our thinking and improved how we interact with customers. The mentoring between sessions was helpful in boosting our progress.”

CT manufacturer Colonial Spring

Bill Lathrop

President, Colonial Spring Co.

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