Business exit planning might come about for many reasons. Perhaps it is part of your estate planning, in anticipation of retirement, or part of a new chapter in your life. For whatever personal or professional reasons, you need a strategy. An attorney with expertise in business and estate planning can help owners and shareholders exit their business more smoothly.
A business-exit strategy is customarily created after employees, coworkers, other shareholders, and family members have been consulted. At this point, goals for the future of the company have been outlined. The steps can be fairly straightforward if the needs of all parties are taken into consideration. Having an experienced and knowledgeable guide is essential in creating this plan.
A majority of current business owners want to sell their business to “insiders”: family members or third-parties, often key employees who have gained their employers trust over the years. However, this can pose numerable challenges. Handing over the keys of the business you created to the right person is unfortunately not always as simple as it sounds.
Whether you are ready to pass on your business to the next generation, or liquidate, seek out sound legal advice to assist you in this transition. We work with our clientele to bring about an acceptable agreement for all parties involved by exploring, designing, and helping implement your business-exit plan .