Publishers: Exit Planning Institute

ISBN: 097666030X

The following review was contributed by:  NORM GOLDMAN:  Editor of Bookpleasures &CLICK TO VIEW  Norm Goldman's Reviews

Today, estate and financial planning are very much in the public eye, due in part to our growing baby boomer generation. However, surprisingly, many of us are unaware of the term exit planning, and I don’t mean planning for your funeral!

Briefly, as pointed out in The $10 Trillion Opportunity, an exit plan is a wide-ranging road map to profitably and successfully exit a privately held business. The plan comprises information pertaining to all of the business’s personal, financial, legal and tax queries that play a role in the selling of a privately owned business. One of the primary objectives of the plan is to maximize the value of the business to be exited, and minimize the amount of taxes to be paid, ensuring that the business owner will be able to accomplish all of his or her personal and financial goals.

Recognizing the need for a good primer for business people, as well as various professional advisors trying to make sense of exit planning, Wall Street Attorney and investment banker, Richard E. Jackim, together with his partner, Peter Christman, who is an experienced entrepreneur, corporate executive and investment banker, have put together a thoroughly readable exploration of what is exit planning, why it is important and how to go about it in the most efficient and profitable way.

According to the authors, “exit planning can deliver stunning returns on investment for a business owner who invests the time and resources to do it properly.” However, it is vital that a comprehensive road map be drawn up incorporating the recommendations of various professionals as to what and how to exit, what must be implemented, by whom and when.

The $10 Trillion Opportunity is a logically structured book with a no- nonsense approach to exploring and addressing this wide range of key concerns pertaining to a topic that is often misunderstood and at times overwhelming. Moreover, as the book points out, because no single professional advisor can provide all of the expertise, exit planning must be a multidisciplinary endeavor that calls upon the services of attorneys, CPA’s, financial planners, insurance brokers, investment bankers, and other professionals.

It is something akin to a team of medical doctors from different specialties who are about to perform an intricate operation on a patient. Each brings with them their specific expertise in order to make sure the operation is a success and the patient survives. As revealed by the authors, “choosing the best strategy involves a careful assessment of the business owner’s personal and business goals, as well as the objectives of the various stakeholders.” What may be appropriate for one owner may not be suitable for another.

The thoroughness and chronological structure of the book exploring the nature of exit planning effectively provides readers with an insightful analysis into the strategies, benefits, options available business owners, value maximization, actors in the exit plan such as the owner, owners immediate family, key employees, the multidisciplinary team of experts and their respective roles, contingency plans, understanding goals and objectives, business valuations, financial planning, estate planning, family considerations, and other vital considerations. After reading the various worthy and comprehensive discussions, I could well understand why Jackim and Christman are firmly among the leading experts in this complex field.

The $10 Trillion Opportunity is ideal reading for business people mulling over retirement, as well as for professionals who wish to broaden their practice in order to offer additional services to their clientèles. No doubt, there is a great deal of content in the book with numerous hot -button issues, however, its presentation, insider views and information are easy to understand, as the authors skillfully break down various topics into distinct chapters concluding with a summary of the main points.

In addition, the authors provide concrete case histories to reinforce particular principles expounded upon. There is even in the final chapter a step by step guideline as to how to introduce exit planning into your professional practice.