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NBIZ %u25a0 DECEMBER 2024 13With these six areas in mind, listed below is guidance on what a thorough exit plan should look like:An exit plan must be in writing. If it%u2019s all in your head, then, should something happen to your head, the plan will not be much help.1. A sound exit plan should clearly state your goals.2. Your plan should be reviewed by your trusted advisors, most importantly your accountant(s), attorney(ies), and financial advisor(s). Exit planning is a multi-disciplinary effort. How these advisors help you create and implement your plan is discussed later.3. A helpful plan should use everyday vocabulary.Highly technical terms and complex analysis may hinder your ability to use and implement the plan.4. Your plan must be current. Closely-held businesses change rapidly. Your goals will likely change. Your advisors should help you keep your plan current. Plans older than one-year require careful review.5. Expect your plan (and your advisors) to provide clear recommendations rather than just list options. The plan ideally includes specific and measurable action items and deadlines to implement each recommendation.6. A sound plan must address potential risks that may occur. Life throws curve balls. You could die prematurely. Your hand-picked successor (child or key employee) could decide he or she does not want the business after all. Your business partner could demand you buy him out early. The well-designed plan anticipates relevant possibilities and maps out a course of action should you encounter one. NNAVIX%u00ae is a proprietary process that helps business owners plan for and achieve successful exits.NAVIX%u00ae helps owners of closely held businesses plan for and execute successful exits: achieving financial freedom, creating a sustainable legacy, and exiting on their own terms.NAVIX%u00ae was designed out of experience seeing business owners struggle to achieve financial freedom, create a sustainable business legacy, and exit on their own terms. NAVIX%u00ae is a dual track process, that prepares both the business and its owner(s) for exit. NAVIX%u00ae is not just about planning; we also help clients execute the strategies and tactics needed to achieve a successful exit.To learn about the NAVIX%u00ae program, please visit www.navixconsultants.com.