An Owner’s Guide To Creating A Business Succession Plan
An exit strategy is how entrepreneurs and investors transfer ownership of their business to a third party, or lays out how they will recoup money invested in the business. You may want to be acquired by another company, do an initial public offering (IPO), sell to employees or keep the business in the family. For many of you, the plan is simply to liquidate the company or close its doors.
For those of you who are considering passing your business on to your children or to other family members — whether they run the business or not — this article is for you. Family businesses comprise 90% of all business enterprises in the U.S., and 62% of total U.S. employment.
Susan Michel, founder and CEO of Glen Eagle, a broker-dealer and investment advisory service, not only advises clients on succession planning for their businesses but she’s done it for her own business. Here are six tips she shared.
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