Don't Neglect Personal Planning When Preparing to Sell a Business, Says Westmount

LOS ANGELES, Dec. 20, 2022 /PRNewswire/ --A properly thought-out business exit plan should combine financial, business, and personal considerations, according to the advisory team at Los Angeles-based Westmount Asset Management ("Westmount"). All three components are needed; sellers who focus on the more quantitative aspects of this process at the expense of personal planning may come to regret the sale later, even if the proceeds were more than generous.

"Selling a business that you spent years building can be an emotionally fraught process," says Todd Goldman, Senior Advisor at Westmount and Certified Exit Planning Advisor. "Besides being a source of financial security and stability, your business may also give you a strong sense of identity. After the sale, that identity can shift dramatically, leaving you struggling to answer the question, 'who am I without my business?'"

Personal planning, unlike business or financial planning, concerns assessing one's values and personal goals to plan for life after the sale. This process will differ from person to person, but generally involves taking stock of the spiritual, physical, experiential, and social aspects of life that bring the seller the greatest amount of satisfaction. The seller can then use these insights to plan a life where the day-to-day demands of running a business no longer dominate their time and attention.

Goldman suggests going through this process with a "personal board of directors" who can provide advice and serve as a sounding board. This personal advisory board can consist of a spouse, child, best friend, spiritual advisor, or a host of others. A trusted financial advisor—ideally someone with in-depth training on the entire business sale lifecycle, such as a Certified Exit Planning Advisor (CEPA)—can also help sellers navigate this process and the practical needs that often follow.

"This is a big moment in your life, and there's no reason to travel this road alone," Goldman says. "Think about the people you most often turn to when you need solid personal advice. They—and your financial advisor—can provide valuable insights throughout this process, and beyond."

Founded in 1990, Westmount is a leading independent investment advisory firm based in Los Angeles, managing more than $4.3 billion in client assets as of Sept. 30, 2022. Westmount seeks to bring clarity and purpose to clients' financial lives by providing objective, independent investment advice complemented by sophisticated financial planning. To learn more, visit www.westmount.com.

Media contact: Bart Zino, Marketing Manager: 310-556-2502 or [email protected]

SOURCE Westmount Asset Management