Whether your business is large or small, you should not wait to plan for a seamless transition until the day comes that you are ready to turn the reins over to a successor or bring your endeavor to a graceful close. Planning ahead will simplify the process and protect the tangible and intangible assets that you’ve worked so hard to accumulate. Whether you are turning over management of your business to the next enterprise, taking your enterprise public, selling, or liquidating your business, it is important to plan ahead.
KingBarnes will help you plan for your eventual exit from the helm of your company. We will help you plan your exit well in advance, and then, when the time comes, guide you through the process of an effective business succession.
Choosing among the available exit strategies is a decision that will reflect your needs and those of your family. Is it important that you keep it “all in the family,” or has the company grown to a point where a public offering makes more sense? If you do not have an heir with the skills, experience, and/or desire to assume control, selling or going public may be your best option. If the business is a smaller one that has served you and your family well but depends heavily on the personal relationships you’ve built, it may have little potential market value. In this case, liquidation may be a logical choice as you approach retirement.
Wherever you are in your business’s life cycle, it is never too early to begin planning your exit goals. Every exit strategy has a unique set of financial, legal, and personal challenges. You can feel confident that whatever your ultimate goal for your business is, your attorney at KingBarnes will offer the legal counsel that will see you through a successful transition, keeping intact the assets that you’ve built. We will discuss your options and assist you in choosing the one that best serves your needs and those of your family. Contact our North Wildwood, Marmora or Egg Harbor Township office today.
