So you have worked the last few years or even decades building a successful business. Over that time your business has provided well for your family. Now you are beginning to think about your options for the future and for your family.
Some of those options could include:
- Semi Retirement
- Spending More Time With Family
- Passing the Business to Your Children
- Selling Your Business to a Key Employee
- Selling Your Business to Your Employees through an E.S.O.P.
- Taking Your Company Public
- Selling Your Business to a Third Party
You need a plan; one that sorts out all these possibilities and provides multiple strategies. A plan that covers contingencies and surprises. You would prefer an advisor that has owned a business and can understand the issues that business owners deal with.
Unfortunately many business owners make no decision and the business, children and employees suffer. As a matter of fact, more than 2/3 of all businesses fail once the business is transferred to the 2nd generation.
The good news is that Exit Planning and Succession Planning dramatically increases your chance of success in transferring your business to a new owner. You have worked hard. You have built a business that can become a legacy that will grow and thrive with future generations.
For more information about Exit and Succession Planning, contact us today at 864-241-0606 or email us.