Have you wanted to take more time off to pursue a new hobby or other interests? How about the winter months? Would you like spend them in a warmer climate?
If you’re starting to have these thoughts, maybe taking a step back from your business is what you need.
Unfortunately, taking a step back isn’t as easy as it sounds, and leaving the business in good hands takes careful consideration and proper planning. If you have a goal-age in mind to step away from your business, you better start the planning process right now.
Failure to plan can lead to a toxic work culture and the departure of long-time employees that have helped sustain the business. It could also turn once loyal customers into former customers.
With proper planning, the business can continue to grow and can rise to new heights, which likely means long-time employees are still making meaningful contributions and loyal customers are still happy.
Being very transparent, conversations about succession and estate planning can surface some uncomfortable and sensitive topics. It can also bring up topics that you never thought of before, which makes planning for these circumstances very crucial.
Succession plans take on many forms, such as:
- Selling to an outside buyer
- Selling to an employee or management team
- Family member taking over the business
- Employee stock ownership plan (ESOP)
Which one is right for you?
You need more than a partner to take you through the options that will lead to a life-changing decision. Here at The Sharp Financial Group, we consider ourselves more than that: We consider ourselves your ADVOCATE, who will look out for you and your family’s best interest.
We have helped many of our clients think through these scenarios. We would love to hear your thoughts and share some of what we have learned.
Please give us a call with any questions.