Succession planning for the business owner is perhaps the most difficult of all long-term business issues because so much is at stake. Like an artist selling his favorite work or a parent letting go the apron strings, the owner of a hand-built business often feels great reluctance to sell and step aside, giving up control.
Focusing on key issues and planning how to control the transfer of a business interest is critical. What are your objectives and what have you done to achieve them?
- Turning your business over to family once they are competent to run it
- Guaranteeing you will be paid for the sale of your business even if the people who buy it are not successful
- Fixing the selling price of your business and making sure you get it
- Deciding when to get out of it, what you want out of it, and how to get what you want when you want it
- Controlling who your partners become when your current partners are gone
- Retiring with pride, dignity, and enough money
- Cashing out the interest of an owner who is too sick or hurt to work for a long time
Our planning helps make business succession successful.