When it is time to transfer a business the process can be complex and involves more than just estate planning. A business “transition” involves the transfer of a business asset or the whole entity when the current owner is ready to move on. Typical procedures often involve a valuation of the business and the transfer of both tangible and intangible assets. The transaction can involve a cash purchase of individual items, share interest, and/or stocks or certificates. The time and complexity involved with a transfer often depends on the size and makeup of the business. It is a good idea to seek out advice from an experienced estate planning attorney with sorting through these transition issues.
See Kyle E. Krull, P.A., How do I Transition or Transfer My Business, Wealth Management, July 28, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
