Business Succession Planning
You've started thinking about your ride off into the sunset. How smooth the process goes will likely be determined by how well you planned your exit. The key, as with any plan, is finding the answers to the right questions:
What is my goal?
Are my family members taking over the business or do I need to find a buyer?
What is the best way to receive compensation for the business equity I dedicated my life to build?
How long does this process take?
What sort of legal documentation do I need?
And the big question, how much is my business worth?
What if you haven't started thinking about your ride off into the sunset? "I've just started, I don't even know where it's heading yet?" Make sure you know your options. Knowing the opportunities and the right questions to ask will help you determine the best course of action for your business day-to-day.