For all you’ve invested in your business, owning your future succession strategy is well worth your time. Here are some key considerations and steps to help you achieve a seamless transition, protect your business, and allow your family and staff to benefit from your hard work.
STEP 1: START PLANNING NOW
STEP 2: CONSIDER YOUR OPTIONS
Options for retiring business owners
As your career winds down and you think about retirement – and what will happen to your company after you leave it – you have several options to consider. You can:
- Liquidate the business – a real but usually unappealing option
- Take the business public – an option only for a small number of carefully groomed companies that have achieved a critical size with clear growth prospects
- Transfer ownership to employees, management or partners
- Transfer ownership to family members
- Sell to a financial or strategic buyer
Case Study: Growing and Selling the Family Business
How a 30-year relationship helped an entrepreneur succeed throughout his owner’s journey.
STEP 4: CREATE YOUR LEGACY
Entrepreneurs as a group rank consistently among the most generous segments of the population. Philanthropy can provide a unique opportunity to enrich your life.