Even if the idea of selling your business is something you can't even imagine right now, life has a way of surprising us. At some future point, you may want or need to transfer ownership. Without effective planning, the future success of your business could be put in jeopardy. Western & Southern can help you protect your business so its successful legacy continues.1
As you think about transferring the ownership of your business, here are some key questions to consider:
- Will your business continue to thrive in your absence?
- Are there family members, other owners or key employees who could continue to successfully run the business without your expertise and guidance?
- Will your family be taken care of financially without your business continuing?
As an owner of a closely held business, you have only three choices for the disposition of your business interest:
- Sell to co-owners, family members or outside third parties,
- Liquidate the business or
- Retain the business within the family.
This decision-making process may be a difficult one. You have tremendous investments in your business that are not only financial but also physical and emotional. Any success your business has experienced came as a result of your hard work, perseverance and ability to take risks. That's why your business continuation planning efforts now are so critically important; they will help ensure your business continues operating successfully into the future.