In my role as a lawyer, I help business owners transition their businesses to new owners so they can move on to the next stage in their lives. In this report, I will summarize some of the options for business owners who are looking at business succession.
A typical business owner will have worked for twenty, thirty or forty years building a business that now has substantial value. Family may or may not be involved in the business. As a business owner, you have built a significant asset, having provided employment for many people and provided a service or product the community needs. One would think that such a leader would take the leadership role in business succession planning. Unfortunately, the typical case is that there is no planning, a crisis occurs and the business is put at risk.
For an owner wishing to step back from the business there are really only a few options.