✈ December 14, 2016, Avicor Aviation Inc.
So you have set yourself an end goal-an objective of when you will sell or pass on your aviation business, and you have established an approximate time when you would like this to take place. It could be in a year or two, or it might be a couple of decades away. At this point, your goal is broad and the timing may be somewhat obscure.
Let's go back to the goal. How clearly is it defined? You may need to step back and take a closer look at that goal and add some substance to it.
Your goal may be to sell your business. Do you have a general number in mind as to how much you need to get out of the business before you can sell it? How do you define that number? If you are looking at selling to retire, then you will want to look at how much you need to support your retirement years. If you are expecting to start another business, then what is the financial commitment you will need (in a broad sense) to achieve that goal and live at your desired level until that happens? Look at your "bigger picture" when setting that end goal.
If your goal is to pass your business on to family members, there may be factors affecting their lives that you should consider. For example, if your intention is to sell the business to family members, even though you love being around aircraft and want to stay in the business into your 70s, if that means your family members will then be in their 50s, they may not want to take on a loan to acquire the business at that stage of their lives. If you have key employees in mind to sell the business to, the same timing issues may apply to them. Making the plan successful may mean having preliminary discussions earlier.
You may be a co-owner in a business and be thinking that at some point you want to have the others buy you out-or you may want to buy out others in the business. Facilitating that process will require setting up a buy-sell agreement that outlines the procedure that will take place whenever a buyout takes place. It means that everyone will know the steps involved and increases the success of the transaction.
Go back to your goal and consider the bigger picture. The more specific you can be in defining that goal and the general factors that need to be in place to make it happen, the more likely it is that you will be able to achieve it.
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