The Seven Step Exit Planning Process™

Step Seven - Personal Wealth and Estate Planning

Exit Planning Professional Role

Reconcile owner’s personal and business objectives in light of resources and other factors.
Coordinate Advisor Team members in developing and finalizing recommendations needed to achieve owner objectives in area of Maximizing and protecting Business Value.
Organize and facilitate Advisor Team meetings and discussions with owner regarding strategies recommended and decisions to be made.

OPPORTUNITY:
• Earn fee for leading and coordinating the process.
• Identify strategies that will be implemented by the Exit Planning Professional based on
practice area.

Attorney Role

Perform overall estate planning.
Revise and update estate plan as circumstances change.
Coordinate planning for business and non-business assets when a child is the proposed successor owner.
Educate owner on structure and function of estate planning strategies.
Transfer business interests to children prior to a third party sale.
Create related entities to be partly owned by children.
Perform charitable income/estate tax planning.

OPPORTUNITY:
• Collect fees for creating and updating estate planning documents (Fees generally between
$5,000 and $25,000).
• Collect hourly fees for family meetings to explain planning to beneficiaries.
• Collect probate and estate administration fees.
• Manage personal asset protection and transfers.

CPA/Valuation Expert Role

Review proposed plans and estate tax consequences of each option.
Project income tax consequences of possible asset transfers to children and others.
Analyze both pre- and post-ownership transition.

OPPORTUNITY:
• Provide consulting and advisory services.
• Provide estate tax analysis and planning.
• Represent family members with their personal accounting and tax needs.

Financial/Insurance Advisor Role

Review existing estate plan at beginning of Exit Planning Process to ensure consistency with Exit Objectives, Valuation and Financial Needs of the family.
Suggest modifications to and funding tools for Exit Plan and estate plan.
Engage owner in ongoing personal wealth planning activities designed to meet other estate planning objectives such as transferring wealth immediately to family members.
In light of realistic business value, fund for payment of estate taxes.

OPPORTUNITY:
• Provide insurance funding to meet owner's estate tax needs.
• Provide insurance funding necessary to meet owner's financial objective in case of
premature death.
• Analyze family’s financial needs during owner’s life and after death.
• Review and update personal financial and estate plan over time as circumstances change.
• Solidify long-term client relationship through comprehensive advice.

To learn more about Setting an Owner's Exit Objectives, click here to attend a pre-recorded or live tour.