Is it time to sell, close, or pass the reins to the next generation?
What is your plan for the future? Do you intend to sell your business or pass it along to the next generation. If the plan is to sell your business, do you know what your business will be worth when it comes time to sell? Have you started your succession plan if you intend to transfer your business? Regardless of your transition plans, the SRSU SBDC can help you through the steps to make the most of the transition process. Consider the following questions as you make your plan for moving forward.
1. Exiting Strategy
- Are you considering selling your business?
- Is a business merger a possibility?
- Are you thinking of liquidating your business?
- Are you considering hiring a manager to take responsibility?
- Are you divesting or segmenting your business in preparation for sale?
- Are you filing for bankruptcy?
- Are you closing your business?
2. Naming Your Price
- What is your business worth?
- Is there a valuation formula for your business?
- What are the legal and tax considerations of selling your business?
3. Selling Your Business
- Are there buy/sell agreements in place?
- How does your exit strategy affect your personal estate plan?
- What are the legal and tax considerations of selling your business?
4. Professional Advisors
- Who will you consult for the best strategy to sell or close the business?
- What kinds of advice will you need?
5. Transitioning Your Business
- How does your business plan support your business transition?
Just as a business plan is important when starting a business, equal consideration needs to be given to transitioning out of a business. Let our experienced business advisors within the SRSU SBDC help you as you move through this next step.