There are generally three categories of people to consider transferring your business to. First, you might consider transition the business to a family member. You might have a child that you want to take over the business. Second, you might consider selling the business to an employee or group of employees. You might have some […]
It’s difficult to come up with a good business succession plan on your own. Instead, you should involve your professional advisors. Use a lawyer (big surprise, I know) and involve your financial advisor and your accountant. You might be able to think of other advisors who should also be included in planning discussions. Your advisor […]
If you’re starting to think about transitioning your business, it’s a really great idea to come up with a written business succession plan. The plan should outline the actions that need to be taken and the timeline for taking those actions. That timeline can be anywhere from a several months to several years, depending on […]