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Selling to an outsider of the family business usually results in major business changes by the new owner. However sometimes a "strategic buyer," a competitor, or related business, can offer the highest price.
Usually an outside sale involves hiring a business broker.
Letters of intent are usually signed after an agreed upon purchase price and terms of sale are negotiated.
The least desirable method for business owners to divest themselves of their
business ownership is liquidation of the company, and is not usually considered an alternative in
succession planning because the business ceases operation. However sometimes liquidation of the assets
is the best way for the owner to get the highest price for their business.
Succession planning is about taking control of the inevitable; eventually, every business owner will leave
the business. If no planning is done, lawyers and the government will control the process. But if the
owner plans for an orderly transfer, he or she can reduce the taxes paid, get the maximum value out of
the business, leave it in the hands of chosen successors, and avoid family and business crisis.
Please feel free to contact us for more information about our
Business Succession Planning Services. Email Us
or give us a call at (800) 982 0462. We look forward to hearing from you.
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