ÿþ<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"> <head> <meta http-equiv=Content-Type content="text/html; charset=unicode"> <meta name=ProgId content=Word.Document> <meta name=Generator content="Microsoft Word 12"> <meta name=Originator content="Microsoft Word 12"> <link rel=File-List href="The%20Exit%20Planning%20Review%20Set%20Your%20Exit%20Objectives...Even%20If%20You%20Are%20Not%20Ready%20To%20Exit_files/filelist.xml"> <link rel=Edit-Time-Data href="The%20Exit%20Planning%20Review%20Set%20Your%20Exit%20Objectives...Even%20If%20You%20Are%20Not%20Ready%20To%20Exit_files/editdata.mso"> <!--[if !mso]> <style> v\:* {behavior:url(#default#VML);} o\:* {behavior:url(#default#VML);} w\:* {behavior:url(#default#VML);} .shape {behavior:url(#default#VML);} </style> <![endif]--> <title>Issue 182 - Set 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class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2;height:18.75pt'> <td width=20 style='width:15.0pt;background:#006666;padding:0in 0in 0in 0in; height:18.75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> <td colspan=2 style='background:black;padding:0in 0in 0in 0in;height:18.75pt'> <p class=MsoNormal align=center style='text-align:center'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:white'>Exit Planning Information and Education for North America's Business Owners</span></b><span style='mso-fareast-font-family: "Times New Roman"'><o:p></o:p></span></p> </td> <td width=20 style='width:15.0pt;background:#006666;padding:0in 0in 0in 0in; height:18.75pt'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3'> <td width=20 style='width:15.0pt;background:#006666;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> <!--- start left nav bar ---> <td width=175 valign=top style='width:131.25pt;background:#33CCCC;padding: 0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=155 style='width:116.25pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td valign=top style='padding:0in 0in 0in 0in'> <p style='margin-top:0in;margin-right:3.75pt;margin-bottom:0in;margin-left: 3.75pt;margin-bottom:.0001pt'><span style='font-size:10.0pt;font-family: "Arial","sans-serif";color:#006666'><br> <b><i>The Exit Planning Review</i></b><i>"!</i> is an opt-in, bi-monthly newsletter published by Business Enterprise Institute, Inc. <br> <br> <img id="_x0000_i1026" src="http://new.exit-planner.net/images/members/28406/jrice_photo.jpg"><br> <i>This issue is provided to you by James Rice, Exit Planning Advisor&nbsp; with James Rice &amp; Associates LLC.</i> <br> <br> For an overview of Exit Planning or our company, please <a href="http://www.consultrice.com">visit our Web site</a>. <br> <br> <a href="http://www.exitplanningforadvisors.com/xbrief_signup.aspx?advisor_id=28406">View my Executive Briefing schedule and other Exit Planning offers.</a> <br> <br> <b>To receive a complimentary</b> Exit Planning White Paper, or to schedule an Exit Planning Assessment, please click the link above or call me at 972-843-0429.</span></p> </td> </tr> </table> </td> <td width=450 style='width:337.5pt;padding:0in 0in 0in 0in'> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=420 style='width:315.0pt;mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt: 0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:10.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#006666'><br> PROVIDED BY:<br> <br> <br> <img border=0 id="_x0000_i1027" src="http://new.exit-planner.net/images/members/28406/James_Rice_Logo_Full.jpg"><img border=0 id="_x0000_i1028" src="http://www.exit-planner.net/image_get.aspx?image=spacer.gif&amp;rand=D1B87EFB-F237-413D-9CAF-0410FBD1CB46&amp;ev=2&amp;un=85352"><br> <br> &nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal align=right style='text-align:right'><span style='font-size:7.5pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'>Issue 182<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td style='padding:0in 0in 0in 0in'> <p align=center style='text-align:center'><b><span style='font-family:"Arial","sans-serif"; color:#006666'>Set Your Exit Objectives& </span></b><span style='font-family: "Arial","sans-serif";color:#006666'><br> <i>Even If You Are Not Ready To Exit</i><o:p></o:p></span></p> <p class=MsoNormal align=center style='text-align:center'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:#006666'>&nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:3;mso-yfti-lastrow:yes'> <td style='padding:0in 0in 0in 0in'> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>Remember Peter Daniels, our perennial procrastinator?<o:p></o:p></span></p> <p><i><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>In 2005 Peter Daniels wanted to leave his food processing plant in five years by selling it for enough cash to maintain a comfortable lifestyle. A quick review of the company s financials suggested that with a current annual cash flow of $250,000, before his salary of $250,000, the company would be valued around $1 million. Peter s advisor suggested creating and implementing a step-by-step roadmap to increase value, minimize taxes, and protect existing value from loss, and Peter agreed, but did nothing more. Peter never designed an exit plan nor did he ever implement one. </span></i><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'><o:p></o:p></span></p> <p><i><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>Five years later in 2010, Daniels Food Processing, Inc. was pretty much unchanged. But now Peter was frustrated. The economic downturn caused downward pressure on business cash flow. Even more unfortunately, Peter had addressed neither the need to: (1) create or update business systems (especially any marketing plan), nor (2) restructure his inadequate and under-motivated management team. Peter remained at least five years away from his exit. </span></i><span style='font-size:9.0pt;font-family: "Arial","sans-serif";color:black'><o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>In our last issue we outlined how and why to make <i>Increase Your Company s Value</i> your first goal of 2010. In this issue, we will talk about why Goal Two: Set Ownership Objectives is important whether you ve made the decision to exit or you just aren t convinced that you want to leave your company any time soon.<o:p></o:p></span></p> <p><b><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>Goal Two: Set Ownership Objectives</span></b><span style='font-size:9.0pt;font-family:"Arial","sans-serif";color:black'>. As Yogi Berra said,  You've got to be very careful if you don't know where you're going, because you might not get there. Setting ownership objectives is about fixing your target or describing what a successful exit looks like to you. The three primary exit objectives you must set are:<o:p></o:p></span></p> <ul type=disc> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 level1 lfo1;tab-stops:list .5in'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>On what date do you want to exit your company?<o:p></o:p></span></li> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 level1 lfo1;tab-stops:list .5in'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>Do you want an outside third party or insiders (key employees, children) to succeed you?<o:p></o:p></span></li> <li class=MsoNormal style='color:black;mso-margin-top-alt:auto;mso-margin-bottom-alt: auto;mso-list:l0 level1 lfo1;tab-stops:list .5in'><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman"'>How much cash will you need from the sale of the company to enjoy a financially secure post business life?<o:p></o:p></span></li> </ul> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>Like Peter, most owners depend on the proceeds from the sale of their companies to create financial security for their post-business lives. Let s take a closer look at that third objective because, for most owners the amount of cash they need for retirement dictates when they ll be able to exit (first objective) and whom they choose to succeed them (the second objective).<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>In order to help Peter realistically estimate how much cash he and his wife, Pam, will need for a financially comfortable post-retirement life, Peter s advisor worked with him to create a  Financial Needs Projection based on a variety of factors.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>1. <b>Years until desired exit</b>: Peter is 58 and wants to exit by age 63.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>2. <b>Assumed rate of investment return on personal investments (both pre- and post-exit) </b>: Peter and his financial advisor agreed that a seven percent average growth rate was realistic given the nearly zero percent growth rate for the past 10 years, but the nearly 10 percent rate of the last 25 years. You and your financial advisors will pick a  realistic assumption for you.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>3. <b>Life Expectancy</b>: Peter and Pam are both 58-years old with a 50-50 chance that one of them will reach age 91 (according to 2003 Annuity actuarial tables). Unless Peter (or Pam) plans to become a Walmart greeter at 92, Peter needs to sell his company for enough cash to see one of them past his or her 91st birthday.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>4. <b>Annual Income Amount</b>: Peter assumed that he and Pam could live on 50 percent of their current income. Pam, however, did not want to cut back that drastically and found that the editors of Money Magazine agreed:<o:p></o:p></span></p> <p class=MsoNormal style='margin-left:.5in'><span style='font-size:9.0pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'> . . . . you'll need 70% of your pre-retirement yearly salary to live comfortably. That might be enough if you've paid off your mortgage and are in excellent health when you kiss the office good-bye. But if you plan to build your dream house, trot around the globe, or get that Ph.D. in philosophy you've always wanted, you may need 100% of your annual income - or more. <a href="http://money.cnn.com/retirement/guide/basics_basics.moneymag/index5.htm">http://money.cnn.com/retirement/guide/basics_basics.moneymag/index5.htm</a>. <o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>Peter agreed to base their retirement on receiving 80 percent of his pre-retirement income.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>5. <b>Growth In Business Value</b>: Peter has a good idea of what his business is worth today, but he must figure out what its value must be in five years to support the lifestyle he wishes to maintain. We ll explain how Peter and his advisors go about that task in the next issue of this newsletter.<o:p></o:p></span></p> <p><b><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>But Why Set Exit Goals If You Aren t Yet Ready to Exit? </span></b><span style='font-size:9.0pt;font-family:"Arial","sans-serif";color:black'>It is inappropriate to suggest that you, the creator of a business, should exit before you choose. But the cold reality is that: 1) most owners (including Peter and probably you) need to grow the value of their business significantly in order to exit with the lifetime income they desire, and 2) growing value takes time.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>For that reason, knowing the size of the gap between your company s value today and the value necessary for you to retire comfortably is the starting point for all planning. It dispels the tendency to procrastinate under the mistaken assumption that planning and action can be delayed and prompts many owners to take immediate action to grow and preserve value.<o:p></o:p></span></p> <p><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>Exit planning begins when owners understand their ultimate objectives and what they have to do to reach them. Contact us today if you d like help getting started.<o:p></o:p></span></p> <p><i><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; color:black'>Subsequent issues of <b>The Exit Planning Review"!</b> discuss all aspects of Exit Planning. The provider of this Newsletter (<a href="mailto:jrice@consultrice.com">James Rice</a>) offers you unbiased information about what you may need to know  How To Run Your Business So You Can Leave It In Style"!.</span></i><span style='font-size:9.0pt; font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></p> <p class=MsoNormal><i><span style='font-size:9.0pt;font-family:"Arial","sans-serif"; mso-fareast-font-family:"Times New Roman";color:black'><a href="#top">^Top</a></span></i><span style='font-size:9.0pt;font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:black'><o:p></o:p></span></p> </td> </tr> </table> </div> </td> <!--- end body copy section ---> <td width=20 style='width:15.0pt;background:#006666;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> </tr> <tr style='mso-yfti-irow:4;mso-yfti-lastrow:yes'> <td width=20 style='width:15.0pt;background:#006666;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> <td colspan=2 style='background:#006666;padding:0in 0in 0in 0in'> <p class=MsoNormal style='margin-bottom:12.0pt'><span style='font-size:7.5pt; font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:white'><br> DISCLAIMER: The information contained in this article is general in nature and is not legal advice. For information regarding your particular situation, contact an attorney or tax advisor. This newsletter is believed to provide accurate and authoritative information related to the subject matter. The accuracy of the information is not guaranteed and is provided with the understanding that none of the providers of this newsletter, including Business Enterprise Institute, Inc., is rendering legal, accounting or tax advice. In specific cases, clients should consult their legal, accounting or tax advisors. <br> <br> The example provided is hypothetical and for illustrative purposes only. It includes fictitious names and does not represent any particular person or entity. <br> <br> <br> <br> <br> <b>Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS under circular 230, we inform you that any U.S. Federal tax advice contained in this communication, unless otherwise specifically stated, was not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another party any matters addressed herein.</b><br> <br> © 2010 Business Enterprise Institute, Inc. All Rights Reserved. <br> <br> Our mailing address is 17430 Campbell Road&nbsp; Suite 206, Dallas, TX&nbsp; 75252. <br> <br> Exit Planning Information and Education for America's Business Owners<br> <br> <a href="http://www.exitplanningforadvisors.com/remove_email.aspx">Unsubscribe to this newsletter</a> </span><span style='mso-fareast-font-family:"Times New Roman"'><o:p></o:p></span></p> </td> <td width=20 style='width:15.0pt;background:#006666;padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'>&nbsp;<o:p></o:p></span></p> </td> </tr> <![if !supportMisalignedColumns]> <tr height=0> <td width=4 style='border:none'></td> <td width=164 style='border:none'></td> <td width=493 style='border:none'></td> <td width=4 style='border:none'></td> </tr> <![endif]> </table> </div> <p class=MsoNormal><span style='mso-fareast-font-family:"Times New Roman"'><o:p>&nbsp;</o:p></span></p> </div> </body> </html>