Many successful business owners concentrate so much of their energy on growing their business, they don’t spend enough, or any, time on an exit strategy. Business owners of large and small manufacturing operations need to ask themselves how they plan to deal with the eventualities of life. Specifically:
- How long they want to be in business
- What happens if they become ill or pass away
- How can they preserve value in the business for their loved ones
- What are the consequences if something happens to one or more of their business partners
- How to prevent an unwanted third party from obtaining an ownership interest in the business
Our attorneys routinely assist manufacturing-business owners in addressing these and many more issues that are involved in continuity or succession planning. By addressing these threshold issues early on rather than at the time of a life changing event, a business owner can take some comfort in knowing that a well-considered plan is in place to smoothly guide both the owner and the business through the transition process.
Many successful business owners concentrate so much of their energy on growing their business, they don’t spend enough, or any, time on an exit strategy. Business owners of large and small manufacturing operations need to ask themselves how they plan to deal with the eventualities of life. Specifically:
- How long they want to be in business
- What happens if they become ill or pass away
- How can they preserve value in the business for their loved ones
- What are the consequences if something happens to one or more of their business partners
- How to prevent an unwanted third party from obtaining an ownership interest in the business
Our attorneys routinely assist manufacturing-business owners in addressing these and many more issues that are involved in continuity or succession planning. By addressing these threshold issues early on rather than at the time of a life changing event, a business owner can take some comfort in knowing that a well-considered plan is in place to smoothly guide both the owner and the business through the transition process.
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