Mark Lee of Business Legacy Consulting featured in Fox Business News

People are going to need to make more provisions to take care of themselves, not less. The whole issue is having adequate cash inflows during retirement to live the lifestyle that an individual wants. http://www.foxbusiness.com/personal-finance/2012/10/12/how-to-spend-and-save-confidently-for-retirement/

How much money do you need to live the way you want to live?

Financial readiness determines how much money you will need to live the way you want to live after you transition out of your business. You need to spend the time projecting what you will spend. The consequences of not knowing are severe.

Listen to Mark Lee and Karen Benz on "Patricia Raskin's Positive Business" Show which aired in November on AM790.

Everyone will eventually leave their business.

All business owners will leave their businesses eventually – whether that’s “boots first” or whether they sell, they will leave.  The question is, do they leave on their own terms or on someone else’s?  What makes the difference is whether they plan for this exit.  We recommend that business owners begin planning for their exit 3 -5 years from the actual transition.  This gives you time to address any major issues that come up during the process and gives you the most options to meet your goals.

What is Exit Planning and why should I care?

“Exit planning” is a term for the process where a business owner sets goals for their exit from their business and identifies the option that best meets their goals.  If you just go ahead and sell your business without going through exit planning, you are taking a huge risk.  You are accepting a business broker’s “number” without knowing what your goals are, what your financial and emotional needs are, and whether or not your business is ready to be sold.  This is the most important business transaction of your life, your exit from your business.  So doesn’t it make sense to plan for it?