Deciding to sell your business is a difficult proposition and it’s one far too many business owners don’t think about until it’s too late. External forces could cause you to make swift and unexpected changes and the pandemic showed many people just how unprepared they were to make quick shifts in their business.
A recent study found that two thirds of wealthy business owners, for example, had accelerated their plans to sell their business or retire. Practically all of those wealthy business owners also said that the pandemic had disrupted or affected their businesses but many of them had also stepped back to think about what they wanted as their next step in their life.
If you are no longer interested in running your business or want the peace of mind that your family members can step in and take action if something happens to you, whether through a disability, death or divorce, creating a business succession plan is the only way to protect your interests.
It can be hard to determine just how many steps are involved in articulating your business succession plan but you owe it to yourself and to your employees to verify that you have done everything possible to minimize issues related with the transfer of your business. You might discover, for example, that you haven’t done enough planning to tap the talent inside the company to train them up.
You may need to hire outside consultants to help you navigate through and gain a better perspective on what’s required. You can’t even begin to think about these big picture issues until you’ve had the support of a business succession planning lawyer.
We’ve worked with many California business owners to create succession plans to protect their legacy and companies well into the future. Talk to our Pasadena, CA business succession lawyers now.