One of the more interesting facts that a recent survey of family businesses uncovered was that over half of the businesses surveyed had multiple family members with an ownership stake in the company, but that didn't actively work in the business. Additionally, it showed that two-thirds of business owners counted on the value of their business to fund their retirement. Thusly, if a business succession plan fails, or there isn't proper planning to maximize the sale price of the business, the retirement nest egg of the business owner certainly appears to be at risk as well. In order to confront these dangers, we all need to begin formulating an exit or succession strategy as early as possible. Whether the business can be turned over to a family member, key employees, or if the business will have to be sold, are key determinants in such a plan. I always advise clients to assemble their exit planning team well in advance of their preferred exit date. This would include legal, investment, and accounting professionals as well as a business broker to help guide them through the business valuation and sales process. As I think we can all agree, exiting a business successfully requires preparation and forethought. Hopefully, though, with proper planning, and a good team of advisors, a successful outcome can be achieved on all fronts. Conversely, inadequate planning may cause the valuation of a business to be far less than what it could have been or in the worst case, inhibit an exit altogether.