Tips for Business Succession Planning: Is Selling the Business Always the Better Choice? | Monroe Township - Middlesex County
Website Home Contact Us Blog Archives Blog Home

Interesting Image
 
 
 

Would you like more information on:

 
 
 
Schedule a Phone Call
to discuss your planning needs!
Click to Schedule an Appointment







Website Home


Topics



Archives


Contact Information

Forsgate Commons
241 Forsgate Drive
Monroe, NJ 08831
PH: (732)521-WILL (9455)
FX: (732)521-1204
Info@LawEsq.net
www.LawEsq.net






Tips for Business Succession Planning: Is Selling the Business Always the Better Choice?

November 11, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

When confronted with what to do for business succession planning, a business owner might consider multiple options including passing the business on to other family members, selling the business to stakeholders currently working in the business or even selling the business to an outside individual. Scenarios such as sudden disability or death of a business owner can present serious challenges for a sole practitioner.shutterstock_322084454

Despite these potential challenges, the reality is that too little succession planning is done. Less than one third of businesses actually pass to the next generation and less than 30% of those go on to pass to the third generation. If no grooming of a successor has happened yet, selling the business may be the best choice. This involves careful analysis of the uniqueness of the company, the local market, and potential profitability.

Working with a business broker can help to better understand how to set a realistic selling price and legal advisors can counsel about all possible options. Remember that planning for your business succession now can help to reduce legal challenges and concerns in the future.

Leave a Reply

Your email address will not be published. Required fields are marked *