The following is an excerpt from Ice Miller's Business Transition Strategies to Preserve Wealth Guide, which provides insights on a variety of topics to help ensure a smooth business transition.

Next, get some professional advice on what exit options are available to you given your specific circumstances and goals. In general, there are five voluntary exit options:

After you identify the exit option that is right for you, or at least narrow the list, commence a focused effort to improve the value of your business. Consider a business consultant or certified exit planning advisor (CEPA). The CEPA certification is issued by the Exit Planning Institute, a national organization. CEPA credential holders are part of an established global network of professional advisors who have successfully completed an executive MBA-style, multi­disciplinary business exit program taught by nationally recognized experts in their respective fields. CEPAs understand the options available for a successful business exit, and they guide business owners through the exit process. CEPAs work with business owners to prepare them, their finances and the business for a transition. Whenever practical, the CEPA works in conjunction with the business owner's existing team of professional advisors, including accountants, lawyers and investment advisors.

CEPAs also can help you look at your business from a buyer's perspective. Financial buyers tend to pay for cash flow and discount for risk. So a program to accelerate the value of your business likely would focus on increasing cash flow and decreasing risk. Regardless of which exit option you select, your business will benefit from a value acceleration program.

Finally, remember that exiting a business doesn't happen overnight, but is a process. From beginning to end, the process could take two to five years. So start now by calling Ice Miller to discuss how to move forward.

To learn more, download the Business Transition Strategies to Preserve Wealth Guide or contact Kevin Alerding

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.