Ask the Experts

Q

I know my business better than anyone else. Why shouldn’t I develop the transition plan myself?

A

This is a complex and personally challenging process. Whether you consider transferring to a family member or sell to a third party, transition is a process that required thought, planning and expertise to implement effectively. It’s very difficult to do it alone and get it right. There are many legal, financial, tax and management issues that require professionals who specialize in these areas.

Q

Why do I need a transition team?

A

You need experts in every area to help you maximize the value of your business. Using a transition team will cut down your risk and on the enormous amount of time you would be required to spend researching, planning and negotiating.

Q

What if I have already completed some parts of the process?

A

You can bring in the experts at any point of your transition planning but the earlier, the better. A transition team can review the work you have completed, provide recommendations and take the necessary actions to get you on the right track.

Q

Do I need to know what my business is worth if I am passing it on to a family member?

A

Whether you’re passing on the company to a family member or selling to a third party, you will require a business valuation that established a realistic and fair market value. This value will be an important focal point of your transition plan.

Q

How do I determine what my business is worth?

A

Business valuation requires some legwork and a lot of research. Some industry groups publish valuation data which can help estimate the value of your business but it is best to work with an independent business valuator, who has the proper tools and expertise to enhance your company value.

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