Annual Planning Meeting for Home Health Care Business Owners

Make Time for Annual Planning Meeting

Annual meetings address your ultimate goal: leaving your business in style

The annual planning meeting…Followers of our blog understand that Exit Planning is an ongoing process that begins with establishing your exit objectives and home care business valuation and ends with your successful exit. Along the way, you and your team of advisors focus on increasing and preserving business value and protecting business value from creditors. You will also be making contingency plans in case something happens to you before your planned exit. And finally, you will be coordinating your business plan with your estate plan to protect your family.

This is a lot to consider–and to do! Some business owners keep putting it off until “later” or simply allow it to fall through the cracks. How do you avoid that trap?

The Annual Planning Meeting is an elegant solution that gives structure to your entire Exit Planning process. You may decide to meet with you advisors more often, depending on your needs, but all owners actively pursuing a successful exit should meet at least annually. So how can this meeting (or meetings) keep you and your advisors focused on your exit objectives?

Each year, you and your advisors–usually an attorney, insurance/financial professional, and CPA–will meet and go over your agenda (see below for a typical Annual Planning Agenda). Some owners hesitate to bring their advisors together because of cost-prohibitive hourly fees. Many advisors are sensitive to this and may reduce their rates for the meeting. They understand that the Annual Meeting is their chance to solidify their relationship with you and your other advisors. Ultimately, your success is their success.

The Agenda

Each attendee should receive the Agenda several weeks in advance in order to prepare. Typically, the Agenda includes

Your Objectives–Have yours changed since the last meeting? Are there new objectives for your team to focus upon?

Business Value–Is there an accurate valuation in place, and does it need to be reviewed?

Preserving Value–Is the company doing everything possible to minimize tax liability?

Promoting Value–Which areas need improvement to maximize your home care valuation? This topic often includes a discussion of how to motivate key employees.

Lifetime Transfer Objectives–Are you on track for your company transfer (to an insider or outside third party)?

Business Continuity Planning–If you die or become disabled, what must be done for your business to continue despite the loss of the following: ownership, financial resources, key talent, and very possibly employees and customers?

Wealth Preservation Planning--What can you do to minimize estate taxes, treat each child fairly, provide long-term financial security for your family, and–if applicable–transfer ownership to one or more child?

As you can see, this meeting is highly owner-driven. Each Agenda item is designed to address your ultimate goal: leaving your business in style. To make this possible, each advisor will leave the meeting with clear marching orders for the rest of the year. And because each is present, all benefit from the cumulative expertise.

If you need help planning and executing your Annual Meetings, contact us and we can help create a detailed and customized agenda for your meeting as well as answer any further questions you might have.

About Risa Baker

Risa is Managing Director of PARTNERS 31. Her natural enthusiasm and years of industry experience will successfully guide your business, whatever its size or specialty, through every aspect of exit planning, from strategy to sale.

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