What is your plan for exiting your business? At some point, a business owner or group of partners will want to retire, work on other ventures, recoup their investment or “Cash out” their business interest. Sometimes there instances when an individual’s participation or ability to run the business can be affected by financial problems, illness, divorce, disability, and/or death. It is, therefore, crucial to develop an exit strategy for your business so that you have a plan in place to “move on” while maximizing any financial benefits and limiting any ongoing liability.
There are several options for successful business succession planning. These options include an all asset purchase and sale to a third party; a stock / interest purchase and sale to a third party or employees or other partners / shareholders; private equity acquisition; employee / key management stock and interest purchase programs; and intra-family transfer of business interests. The best option for a successful business succession plan depends on your objectives, and nature and character of your business.
The business law attorneys at the Law Office of Stefan Cencarik, PLLC provide business succession planning services, and can work with you to ensure that your ends goals for your business are met when the time comes.