There is something special about building something and seeing it succeed. This is true of anything in life, but especially if you have built a business from the ground up. Any business owner knows that it takes much blood, sweat and tears to see it succeed. As with anything that has grown and matured, a person may decide that it's time to move onto the next facet of their life, like retirement. What are the options for exit strategies pertinent to a small business?
Based on a person's goals and succession plan, there could be a range of possibilities for an exit strategy from a Louisiana small business. If an owner has family members or valued employees, you may want to think about who could best run or own the business after you are through. If you want to release ownership, but want to be compensated appropriately for your business and what you've built, you may start shopping it around to your competitors or other business owners in the area. If you still want to have a hand in the decision making process of the business, but don't want to deal with the day-to-day activities, there are specific initiatives that allow you to be more of a satellite owner.
In short, a good succession plan relies heavily on the goals a business owner wishes to accomplish. If an owner are looking to get a nest egg out of the sale of the business, then finding the right buyer is crucial to executing that plan. If a person wishes to pass the business on to an employee rather than a family member, that can be arranged. It just requires planning and a clear directive and the goals of an exit strategy can be realized.
It's nice to know that there are options for business owners looking to move on to the next chapter of their life. Even if you are several years out from retirement, it's great to get an idea early on. Having too much time to decide is always better than having too little time. Sometimes these processes can require extended timelines to be fully realized and other times they can be expedited.
Source: FindLaw, "Succession planning for small businesses," accessed on Nov. 6, 2017