As many of you may remember, singer Paul Simon said there are 50 ways to leave a lover. If you are a business owner thinking about how to leave your business you have nine options to consider. Here’s a brief summary of these options.
1. Sell or give your company to a family member;
2. Sell your business to one or more key employees;
3. Sell to your employees (ESOP);
4. Sell your business to other shareholders;
5. Sell to an outside third party;
6. Bring in an outside investor and keep a minority interest
7. Go public;
8. Hire a management team to take over and become a passive owner; or
9. Liquidate your business.
Determining exactly which option is right for you is a challenge that many business owners put off until it is too late. Opportunities pass with time. If you wish to “leave your business on your terms and on your time table,” you need to be proactive about understanding your exit options.
We recommend that you follow a four-step process to determine which exit option is best for you. This process will ensure that your exit options are consistent with your personal goals and...
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