The Family Business: Is Your Exit Strategy in Place?

11:06 am Uncategorized

If you started and/or own a family business, chances are that you spend a lot more time thinking about running the business than you do about leaving it.  However, having a business exit strategy in place – whether you plan to retire or go out feet first – is an essential part of estate planning.

A business exit strategy usually involves the transfer of ownership interest to other family members or key employees, or the sale of the business.  As part of your business exit planning, you will need to prepare a list of assets and have the business valued by conducting a professional appraisal or valuation.

You will then need to confer with your estate planning attorney to examine all the potential alternatives available and the legal and tax consequences of each for your estate.  Once a business exit plan has been designed, it must be implemented carefully following the proper legal and business steps to accomplish your end goals.

Having a documented business exit strategy in place ensures that you protect the business you’ve spent years building, as well as a secure future for your heirs.

If you need more information about business exit strategy planning, contact our Newport Beach estate planning law firm.

Your California legal and financial planning experts are at your service; Contact us today.

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