The successful transition of a business’ management and ownership requires forethought. Too often, in the press of day-to-day activities, business owners lose sight of the big picture and how the business will continue without them. Whether retirement, illness, or death, events become the master of all of us. Not having a clear plan on business succession subjects owners and critical constituencies, such as your families and employees, to the risk of an unplanned event overtaking the business.
This seminar explored the issues that business owners face when considering how to transition ownership of the business and the techniques needed to implement a successful transition. Roy Cohen and Wayne Buckwalter discussed the nuts and bolts of succession planning, avoiding liquidation of your company, the sale of the business to a third party, receiving value for the goodwill that your business has developed, and strategies to transfer ownership internally, whether to key employees or family members.