Business Succession Planning
Establishing a sound business succession plan is beneficial for most business owners and can be absolutely necessary for some. For business owners who are at or near retirement, the issue of succession cannot be ignored. Business owners need a plan to wind down their business to ensure a smooth transition to benefit all parties.
Some examples of business succession planning include:
- Co-owner: selling your shares or ownership interests to a co-owner.
- Heir: passing ownership interest to a family member
- Key Employee: Selling your business to a key employee
- Outside party: selling your business to an entrepreneur outside your organization
- Company: for a business with multiple owners, you can sell your ownership interests back to the company, then distribute to the remaining owners