Selling A Business
There’s a great irony associated with selling (or closing) a business. Most people who launch or run a business do so because they love the responsibility of being in charge. So it’s surprising that, given how important control is day-to-day, business owners often overlook the details of transitioning the company when the appropriate time comes.
It’s as important to think about the life span of a business as it is to manage it on a weekly or monthly basis. Without a plan in place, it’s much more difficult to accomplish what you want in real time. Change becomes a moving target.
For example, you may want to close the business when you retire. You may also decide to sell it or pass leadership to a partner or family member. If you’re alive and well, you’re free to choose. However, if you’re not around or unable to make the decisions, the fate of something you spent so much time building is in the hands of other people.
An exit strategy helps ensure that your vision for the company and its employees is carried out. It can help establish a fair value for the company and, if appropriate, make sure it is placed in the right hands – not just the closest or most assertive. In addition, it helps ensure that everyone associated with the leadership of the company, including family members, is treated fairly.
These issues, as well as those concerning estates, retirement, and more, can be overwhelming. Seek the advice of a professional advisor, who will help you feel more secure about the future of your company.
Products for this Life Stage:*
Mutual funds are a smart choice to reinvest the proceeds friom selling a business.
Additional Insights for Small-Business Owners:
WSLife.com representatives can help understand the questions central to closing or selling a business.
The long-term plan for your company will, in one way or another, affect your family. The Family Legacy section of WSLife.com can help you better understand some of these issues.
The Retirement Readiness section of WSLife.com addresses issues you’ll want to consider.
Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation.
*Products suggested for this Life Stage are not a specific recommendation or solicitation to purchase. Mutual funds are offered through an affiliate of Western & Southern Life.