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If you anticipate transferring your business privately to family members or employees, or if you are considering a sale on the open market, it's best to start planning for the transition sooner rather than later.
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Ideally, the transition should be a gradual, multi-year process, due to the complexity involved in most business transition plans. For example, if you think you may be ready to exit your business in the next five years, now is the time to start that process. While that time frame surprises some business owners, taking a long-term approach allows for a well-thought-out transition.
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Assembling a Transition Team
As a business owner, you know your business better than anyone. Because of this, some business owners make the mistake of thinking they can handle transitions on their own, without the help of professionals who specialize in taxes, business valuations, investment management, estate planning and succession planning. However, unless you have extensive experience handling business sales or mergers, you'll need the help of a team of trusted advisors to identify and map out the complexities of your transition plan. Professional advisors can also bring objectivity to what can be personally and emotionally challenging decisions.
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As you build this transition team, it's important to identify one key advisor who can take a lead role for the process and coordinate efforts for a smoother transition. Because your expert professionals are often focused almost exclusively on their own areas of expertise, their view of the bigger picture may be limited. Think of your key advisor as the moderator for your business transition team, there to help resolve contradictory advice and disagreements that may emerge, which can be costly and inefficient.
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In addition, if you need help building this team of professionals, start with your trusted advisor. This individual or firm will play a key role in ensuring that you have the right team members in place to address your goals.
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Please stay safe and healthy,
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pmsoldano@family-enterpriseusa.com
712 H Street NE Suite 1330
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About Family Enterprise USA
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
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Have questions or would like more information about becoming a Member or donating? Please contact John Gugliada at jgugliada@family-enterpriseusa.com.
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Family Enterprise USA Sponsors
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