Developing a strategy to exit from your business is one of the most important decisions you will ever face. Maybe you are considering the sale of your business. If so, you should look at:
- Positioning the company so it can be sold at its most profitable time
- Revising your business plan
- Developing a strong management team to provide continuity and continued success of the business
- Reviewing financials to look for opportunities in improving balance sheet positions and streamlining business operations
- Meeting with professional advisors to value the business and locate potential buyers
If selling is not desired, you might consider a succession plan that transfers ownership to family members. If this is an option, you should:
- Meet with professional advisors to have a business valuation performed
- Decide if ownership will be transferred by gifting annually or all at once or through a discounted sale financed by a note that provides you with an annual income stream
- Develop a plan to transfer the business to family members, such as gifting ownership to family members
You could also evaluate the advantages of selling your stock to a qualified stock ownership plan (ESOP), which can transfer ownership to employees and provide tax advantages under certain circumstances.
“Developing a strategy to exit from your business is one of the most important decisions you will ever face.”
You can see that several options are available. All you need to do is contact Brunsdon Law Firm for help in evaluating your options. We can also assist you on:
- Transferring ownership to family members
- Buy-sell agreements
- Stock compensation plans
- Merger or sale of the business
- Qualified employee stock option plan (ESOP)
- Irrevocable life insurance trust
When you contact Brunsdon Law Firm you will work with Terri Brunsdon, an experienced attorney and CPA with a Masters in Tax who will provide answers to your legal and tax questions on developing an exit strategy from your business..
You can contact us at 330-374-1166, or send an email to [email protected]. If sending an email, protect your confidentiality by not emailing any specifics about your matter.
We look forward to helping you reach the future goals of your business and you.