Trying to sell a business is not often an easy, carefree endeavor. But, with proper planning and by taking a few careful, thoughtful steps, it can be a relatively smooth transitional process. First, when developing an exit plan, it is import to consider and discuss tax implications with professionals. Next, as most business owners choose to sell in order to enter retirement, it is important to identify a reliable, competent successor to protect and sustain the business. Third, consider the personal emotional implications of selling a business and try to find a buyer that will ease the burden of the separation. Finally, create a personal plan for what to do after the sale is finalized.
See Jay Offerdahl, Four Things To Consider When Planning Your Exit, Forbes, October 6, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
