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20 Hartford Business Journal • October 14, 2019 • www.HartfordBusiness.com | Webster Private Bank's team of professionals off er experience, knowledge and solutions to business owners planning their next step. | PHOTOS | GARY LEWIS Sponsored Content WEBSTER BANK INTELLIGENCE SERIES Exit Strategy: Planning Your Next Move B usiness owners are well aware that launching, nurturing and growing a thriving business can be a time-intensive, painstaking, detailed endeavor. In addition to creating a business plan that will serve as a blueprint for success at the outset, owners should also consider how to proceed when it's time to relinquish the leadership reins. Backed by a strong history of relationship-building, an experienced team of professionals, and a vast portfolio of tailored, sophisticated fi nancial solutions, Webster Private Bank stands ready to help business owners maneuver the process of planning and preparing a viable exit strategy, as well as eff ectively managing resulting wealth. Be prepared John M. Jezowski, Senior Vice President, Webster Private Bank, explains that the main objective in planning an exit strategy is to place the business owner in a "position of preparedness." He points out that buyers may be sophisticated and experienced in executing fi nancial transactions. "Being prepared as the seller insures the business owner has options and opportunities," Jezowski reported. Planning an exit strategy may seem to be a fairly complex and sophisticated process, but the process can be separated into three major scenarios, according to John H. Driscoll, Jr., J.D., LLM, CFP®, Webster Private Bank Region Market Executive for Hartford and New Haven. "In the fi rst scenario, the owner or management group can pass the company on to the next generation of related people, whether children, grandchildren or other family members," Driscoll said. "The second option is to sell the business to an outside group, a synergistic fi rm in a similar industry. This might be a customer or a supplier. And third, management might opt to recapitalize the business through employee stock options or owner/ management buyout." Given the Webster Private Bank team has many decades of experience; they are very equipped to earn the trust of their clients. The team emphasizes the importance of having a keen understanding of their clients' objectives.