Can't Take your Business with you

What to do about your business will come down to 2 main options.

  1. Transfer the business to your successor or heirs.
  2. Sell or transfer the business to outsiders, your employees, or your managers.

If you haven’t put in place a succession plan, allowing for the ongoing life of the business after you have gone, or providing for a sale of the business to outsiders as a going concern, it is unlikely that the executor of your estate will be able to do anything more than liquidate the company, or sell it outright to others.

This is alright, but sometimes because of the need to cash in the assets of the estate, the business could be sold off with terms not as favourable as if a plan was put in place.

Transfer to Successors or Heirs
If the business is a family business, the owner will want to perpetuate the business and transfer it to family members when he/she has gone. The owner will want to preserve the leadership of the business in family hands, so his/her wishes should be put down in a properly set out plan.

Planning for succession, where family is concerned, is importan...

Membership required (FREE)

The rest of this article is freely available to StartRunGrow members.
Not a member? Join Here - Its FREE!

Article Vault

Back to Menu