Transitioning Company

The Transitioning Company

The Topic of Conversation: Important Considerations as You Prepare to Sell or Pass Your Company to Heirs, and Plan for What's Next

You're ready to start a new chapter in your life. You probably have questions about the near future and beyond. This section outlines various options for your business transition, and how the right advisors can help you make the right choices for your business, employees, co-owners and for your own personal financial health.

The transitioning business is one that may be in its last few years under the current owner or owners.

Regardless of whether the transition is triggered by the owner's impending retirement, a change in business conditions or the owner's decision to move on to another venture, the steps taken during this time will be critical to the company's health and owner's future finances.

A major factor in how to treat this phase depends on the actual transition - whether the company is to be sold to another business entity, another individual, employees or passed to the owner's family.

Whatever the reason for the transition or the nature of the ownership change, maximizing your advantages and minimizing potential pitfalls will require a high level of business savvy, and greatly benefit from your current - or expanded - group of advisors. 

This is also the time to ask whether this core group of advisors - those that have provided valuable advice to get you to this point - is the same group suited to help you through this time of transition.  Greater risk and complexity may require professionals with more specific skills and experience.

As with the previous stages of your company's life, there are many financial, insurance and life issues to think about.

These materials provide general information, and should not be construed as specific financial, insurance, tax, legal or accounting advice.  You should consult a qualified advisor for individual guidance 
in these matters.  More details