If you need a heart transplant, a brain surgeon is not the right specialist. The same can be said for running and transitioning a business. The expert, the one that does the work regularly, is likely your best person.
As a business owner, there are lots of issues to consider as your business moves toward that successor. Some of those topics might be:
- Who can best train that selected Assistant General Manager, soon to be the owner, especially on the most current management skills?
- How can I save on taxes, especially considering that the business tax basis is low? What about the concepts floating around like Structured Sale, ESOP, Charitable Remainder Trust, and Charitable Lead Trust? Or, is it simply better to take the cash and pay the taxes? Do you need to make decisions before closing or can it be done in that taxable year?
- Is a Stock Sale or an Asset Sale best? Should some be of the sale be financed by the Seller? And, how should the selling price be allocated?
- What if there is no successor? What are the options?
Working “on” the business, in addition to working “in” the business is hard. Make sure you’re spending time preparing and the Specialists can help. And, when is a good time to start? Now!