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Action Step 10 - This entire process requires great sensitivity to the need for wealth preservation planning. The sale of a business generates cash. Cash for the former owner, his family, and to some extent yet to be determined, the IRS. Few owners have great tolerance for the full share the IRS could take from the sale proceeds. For this reason, knowledgeable business owners preserve wealth for themselves and their families through the proactive design and implementation of wealth preservation strategies well in advance of any transfer ownership.

Action Step 9 - As the owner of a privately held business, your company represents your biggest and most important asset. First, understand that as the owner of a privately held business, you have two key roles -- CEO and shareholder. As CEO, your job is to make the best decisions for the business. As shareholder, your job is to make the best decisions about your investment. When it comes time to plan for the best transfer of the business, these two roles often do not coincide. Effective business transfer planning must therefore take into account the differing needs of each role.

Action Step 8 - Personal financial management involves every facet of your lifestyle for all of your remaining years including, investment management, risk management, risk tolerance, etc. To get the best results, as with business planning, you need to identify the desired outcome, establish a detailed plan for action, and then consistently follow through. As a business owner, CEO or senior executive, the tools and resources needed to arrive at your financial independence are within your grasp. The sooner you start planning, the sooner you can get there.

Action Step 7 - Planning for business succession is not often easily accomplished. There are specialized elements of this process that require the skills of experienced advisors, including attorneys, accountants, and financial intermediaries.

Action Step 6 - According to TEC speaker and capital finance expert, Gordon Tunstall, most entrepreneurs make three huge mistakes when planning for growth: They limit their growth based on access to a common commodity -- cash. They limit their thinking to traditional "secured" financing. They attempt to acquire capital in increments rather than getting all they need at once. The solution?

Action Step 5 - From the AICPA’s Strategic Planning Committee: “…today’s business professionals operate in a new economy where the old rules no longer meet market needs as fully as they once did. Increasingly, the business community is seeking professionals with the competencies to analyze today’s rapidly changing business environment and help them address broad strategic business issues. Research conducted by an international leader in market research showed that 76 percent of small, medium and large U.S.

Action Step 4 - Expected future profitability is a very key fundamental driver of business value. If meeting your personal and business objectives requires more time, a “GAP-MAP” analysis gives you an excellent yard stick to know by how much the future value of your company must increase. With these types of quantitative and qualititative assessements, you can confidently plan many ways to "Bridge the Value GAP". Do a comprehensive review of the many special factors that have the largest value impact for your type business.