You must have a succession plan for your business. When you retire how can you maximise the sale price?
If you become incapacitated or die will your business survive? Will your partner or children be able to continue running it? On the death of you and your partner (if any) is leaving it to all of your children fair? Are they all capable of running the business or will they blow it up through fighting? Fairness and equality are not the same. It may be better to leave the business to the child or children capable of running it, and leave assets of similar value to the others.
There is no need for you to make these mistakes.
By planning for these possibilities you do your best to ensure the continued success of your business and to maximise its potential sale value.
Business owners are faced with the sticky challenge of choosing a successor among several qualified children or other relations.
There are 3 options open in such cases:
There is no single right answer on this issue.
One or more successors?
Choosing a successor from several capable children or relatives can cause difficulties. The 3 alternatives available are:
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