table right now that pay better anyway.” “I can’t do that.” Maria said. “I won’t.” “Well, good luck then,” Armand said. Armand tendered his immediate resignation and began working for a direct competitor. Maria was forced to inform her buyer, who pulled the deal. She tried putting her business back on the market, but every offer she received was less than $5 million, based on the hole left by Armand’s absence and her first failed attempt to sell. One buyer offered her $7 million, but only if she stayed to fulfill Armand’s duties for at least five years. It took Maria an additional five years to sell her business for the money she needed. For as diligent as Maria was, there were several pieces of her plan that she neglected. She failed to handcuff Armand to the busi- ness. She failed to have her key employees sign a covenant not to compete. She failed to incentivize all of her key employees properly. In the end, by trying to plan her exit by herself and without a full range of expertise, she overlooked several key aspects to a successful exit. It ended up costing her mil- lions of dollars and half a decade of her time. If you’re unsure about which aspects of your business exit you might be missing, or you want to maximize and protect your com- pany’s value as you approach your business exit, contact an exit plan- ning specialist today. You don’t have to expose yourself to unfore- seen risks and unfamiliar territo- ries by planning your exit alone. ––––– The information contained in this article is general in nature and is not legal, tax or financial advice. For information regarding your particular situation, contact an attorney or a tax or financial advisor. The information in this newsletter is provided with the understanding that it does not render legal, accounting, tax or financial advice. In specific cases, clients should consult their legal, accounting, tax or financial advi- sor. This article is not intended to give advice or to represent our firm as being qualified to give advice in all areas of professional services. Exit Planning is a disci- pline that typically requires the collaboration of multiple profes- sional advisors. To the extent that our firm does not have the exper- tise required on a particular mat- ter, we will always work closely with you to help you gain access to the resources and professional advice that you need. For informa- tion, contact: Vincent Mastrovito at Vincent@prometispartners.com or call 248-522-2300. BUSINESS TIP ––––––––––––––––––––––––––––––––––––––––––––––––––––––– 32 TileLetter | April 2018