There are a variety of options available when structuring a succession plan, and the sooner one is in place, the better. In crafting a business transition plan, goals must be clearly defined. The business owner(s) must take many factors into account when considering the options including, among others, business strength and savvy of the intended successors and the psychological and emotional impacts of any decision on employees and family members. Finally, all parties must be fully aware of the plan and embrace the plan. Whether you prefer to transfer your business to the next generation, develop an ESOP, sell to a third party, or liquidate, a successful transition will require a thoughtful and coherent transition/exit plan, developed with the help of the trusted advisors at TBC.
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