Exit strategy for family Business
- What happens to my business if I make the decision to leave?
- Should the company be transferred?
- Are my children willing to take over the company, and in the event that they do, is there an appropriate successor who is ready to take over the leadership role and how can this be funded?
- The current management team might be interested in purchasing the company?
- Do you think the business should be an openly traded firm?
- How can I make sure the highest return from my business?
In some cases, exit strategy or planning for exit more instead of the succession plan is necessary because there’s not a future generations of relatives that are willing, ready or capable of running the family’s business. In this scenario you might need to think about hiring non-family members to manage the business or selling your business to outside individuals. The buyers outside of the family might represent employees, rivals, or other individuals who want to join your business or market.
There are times when you’re anxious about selling or perhaps you are unsure whether it’s the right decision to make.