Understanding Your Options When You Want to Exit Your Business

Entrepreneurs generally focus on the best strategies for starting and growing their business, but may neglect to prepare an exit plan in the event they leave the business for any reason. It is important to be aware of your options when your venture is no longer profitable, the partnership is not viable, or you simply are not interested in being a business owner. Below is a summary of strategies to consider when you need to terminate your business ownership.

Plan ahead. Every business owner should implement a comprehensive financial plan in the event he wants to retire or must abandon the business due to other circumstances. This includes investing in a retirement plan and purchasing life insurance and disability insurance to protect family members.

Family acquisition. You may decide to keep the business in the family by transferring it to your children. A succession plan may include a variety of financing arrangements. In some cases, the seller provides financing for the sale, which the purchaser pays down over a specified period of time. This allows the owner to transfer the business to someone who cares about the venture and does not require extensive due diligence. The succession plan should have provisions to address issues that often arise in a family acquisition including the division of responsibilities, internal conflicts, and unknown liabilities.

Sale to another business entity. You can opt to sell the business to another company or to merge with another entity. The advantage of selling to another business is that you can negotiate a price and obtain the most value for your assets. Moreover, you can maximize the value of the sale by attracting multiple potential purchasers seeking to acquire the business. The key to a successful acquisition strategy is locating a buyer who can use your goods or services to expand his operations into a new market or to steer his business in a different direction. A merger can also be a viable solution when the businesses have complementary skills and services.

Liquidation. In some cases, closing up the business may be the best option. However, if you choose to liquidate, any remaining assets are distributed to creditors. The remaining proceeds are allocated to shareholders. In a liquidation, the owner does not recover the full value of the business, such as client lists and confidential information. Liquidation, however, can be advantageous because there are no issues associated with assigning control or negotiating the terms of the arrangement.

Contact Shane Coons at 949-333-0900 or visit his website at www.ShaneCoonsLaw.com to find out more about his practice.

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Understanding Your Options When You Want to Exit Your Business

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