Management, Succession Planning
August 12, 2016
Succession Planning Question 2: Do you plan to sell the business? If so, to whom?
Based on your personal vision and goals you may or may not have a clear idea of who will own the business when you are ready to move on. There are various possibilities, and each presents a number of issues for you to consider:
Transfer ownership to family members
Sell to one or more employees
If you're not selling the business to family or employees, you'll likely need a broker to shop the business to prospective buyers. Regardless, you'll want to determine the true, current value of the company and, perhaps, determine the steps you can take to maximize its value when you are ready to sell. That's the topic we'll discuss next.