4 Ways to Transfer Ownership of Your Business

Home Blog 4 Ways to Transfer Ownership of Your Business

Business succession planning is a series of logistical and financial decisions about who should take over your business upon your decision to retire or in case of death or disability. The first step is to identify the ideal successor to take over and then determine the best selling arrangement. A well-crafted succession plan aims to benefit everybody—the departing owner, their family, the business and the successor. The four most common types of small succession plans are passing onto an heir, selling to a co-owner, selling to a key employee, and selling to an outside party. It's never too early to begin planning a transition. The decisions you make throughout the lifespan of your business, like whom you hire and promote, can affect your transition options later on. 

Mark Higley, Vice President of Regulatory Affairs with VGM & Associates recently outlined each one of these common types of succession plans along with the potential drawbacks. Read the full story from HomeCare magazine.


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