If you’re a lawyer, consultant, accountant, or advisor, you’ve likely spent decades building a reputation, book of business, and client trust. But unlike product-based businesses, professional service firms often revolve around the owner’s personal expertise—making exit planning more complex and personal

Exit planning is about how you leave the business. Succession planning is about who will take over inside the business.

One of the most debated questions in exit planning is: Should I work with a business broker or go it alone? This decision can shape your outcome—financially and emotionally—for years to come.

Exit myths aren’t just harmless misunderstandings—they can lead to millions in lost value, avoidable taxes, or failed transitions. Small business owners who succeed at exiting don’t wait until the last minute or go it alone.

An exit plan is how you leave your business on your own terms, with a clear plan to protect its value—and your future.

A management buyout (MBO) is when a business owner sells the company—either fully or partially—to its existing management team or key employees. Instead of selling to an outside buyer, you transition ownership to the people already running the business.

Exit planning isn’t just about owners—it affects your entire team. When handled well, transparent communication builds trust, reduces uncertainty, and improves your chances of a smooth, successful transition.

Exit planning is more personal, more strategic, and more emotional than most realize. And the biggest risk isn’t the economy or the buyer—it’s waiting too long to get serious about the future. Ask any exit planner what keeps them up at night, and they’ll say the same thing: “Owners think they’re ready—until they’re not.”

Exit planning ultimately forces business owners to confront something deeper: their identity. This is the part no one talks about. The emotional side. The moment when your business stops being your job and starts becoming your past.

Whether you plan to exit in 2 years or 10, increasing business value now gives you more freedom, better options, and a higher return when it’s time to move on.

Family succession allows you to keep the business legacy alive, reward loyal family involvement, and maintain continuity with employees and customers. However, selling to a relative involves more complexity than it seems, especially when it comes to pricing, taxes, and relationships.

An Employee Stock Ownership Plan is a type of retirement plan that gives employees ownership interest in the company. Instead of selling to an outside buyer, the business owner sells part or all of the company to a trust that holds shares on behalf of employees.

You can’t plan a successful exit without first knowing what your business is worth. Whether you're preparing for a sale, transitioning to a family member, or exploring buyout options, a valuation for exit is essential.

If your business owns significant equipment, vehicles, inventory, or real estate, your exit plan can’t rely on simple deal structures or vague estimates. Asset-heavy businesses face complex decisions around valuation, tax treatment, and ownership transfer—all of which can impact your sale price and post-exit tax liability.

For many small business owners, selling to a third party is the most common and financially rewarding exit strategy—but it’s also one of the most complex.

Partnerships can be powerful—but only when both parties have a clear path to enter and exit. Without a formal exit strategy, dissolving a partnership or transitioning ownership can lead to conflict, tax issues, or even litigation.

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