Brimming with actionable ideas, the book is aimed at people contemplating selling, floating or transitioning their business and the steps they should take, mistakes to avoid, and goals to aim for.

Of all the liquidity events that mint new cohorts of high net worth and ultra-high net worth individuals, the sale, transfer and flotation of a business is the most common. It presents a series of complex challenges that can be daunting. There is also the emotional wrench of letting go, of stepping back from a firm one has built over the decades and planning for the next stage of life.

There are a few books out there that talk about intergenerational wealth these days, and some are very general in the advice, such as stressing the need to plan ahead and the importance of communicating with clients. That’s fine as far as it goes, although to anyone reading such studies over the years, it is hard to discern much that would not be familiar to someone reading in the age of Rockefeller or before. 

What’s needed is practical advice on the dos and don’ts of how to prepare a business for sale, the sort of advisors one needs around, how to improve the valuation of a firm being sold, and the due diligence steps that are involved. 

This is where Exit Rich Beyond Money: Cashing Out on Your Life’s Work and Living Your Ideal Life, by Noah B Rosenfarb and Peter Culver, fills a gap. The authors are the founders of Wealthrive. The 243-page book, comprising 16 chapters and a range of references and resources for readers, goes through the exit process in more detail than your correspondent has seen before. And while pitched at a North American audience, there are plenty of lessons for readers in other parts of the world. 

The first 14 chapters spell out the main steps and considerations for exiting a business, how to plan for it, investment of proceeds, liquidity management, handling employees and family members, and more. The 14th chapter – “Insights from Buying and Selling Companies” – by Ron Mehta, gives a firsthand account of how a business owner exited a business. And chapter 16 from the book’s authors spells out no fewer than 53 ways for business owners to make what they have to sell/transfer more valuable, with checklists and suggestions. 

As they say in scuba diving, if you fail to plan, then plan to fail. The book kicks off by talking about the five “Big Ds” to be considered: Death, Divorce, Disability, Disputes, and Distress. It poses 11 critical questions that should be answered before an owner exits; it explains that exit plans are crucial; debunks myths about company valuations and runs through all kinds of mistakes that are made as owners exit their firms. Finally, it talks about how owners can build a legacy for their business and add enduring value, not just monetary, for their family and communities.

This is a very “actionable” book; it is brimming with specific advice and suggestions. Each chapter concludes with “questions to consider”, inviting readers to write down their thoughts about what the exit from a business involves. In some ways this resembles a textbook with lots of reader engagement, rather than a treatise. And that’s good: HNW business owners want solutions they can put to work and flourish as they move on from running a firm. 

Rosenfarb, Wealthrive co-founder, is a third generation CPA and entrepreneur; he has sold eight companies, took one public, completed over 50 real estate investments valued near $1 billion, the author of several books, and a thought leader in the space. Peter Culver, JD, is co-founder and chief wealth strategist of Wealthrive, which builds custom wealth plans for clients. A qualified lawyer, he has 25+ years in wealth management. He was a co-founder and president of Sachem Trust (Greenwich, Connecticut), and president of State Street Bank and Trust Company of Connecticut. He was also senior wealth director at BNY Mellon in New York City.

The book is published by Better Life Books, Inc.