Appoint A Successor or Sell Outright?

Posted by Winifred "Wini" Cannon | Sep 16, 2020 | 0 Comments

Many people prefer to continue their business as opposed to selling it outright.

Your options

Here are the options that you have when you have formed a business entity: You can continue the business with the succession plan, you can sell it outright, or you can do nothing. If you do nothing, you'll probably lose the business because there is no successor identified.

If you want to continue the business

If you would like to continue the business, you have two critical ways of doing so: either by way of a cross-purchase agreement, or via an entity purchase agreement. But no matter which one of these options you intend to use, it's important to have the business's value assessed, and to determine who the successor in interest will be.

About the Author

Winifred "Wini" Cannon

Winifred “Wini” Cannon knows how business owners may be impacted when retirement, incapacity, or death occurs without a good plan in place. One example that is very common is in the instance where one partner dies leaving the other trying to stay in business complicated by the...

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