Business Succession

Business Sales

Are you aware of the options available to you when you want to leave your business? You have spent many years building a successful business. You have now reached the point in your business plan where it is time to start looking at relinquishing ownership. So what are your options?

Sale to an external third party

The most common option but unfortunately too many business owners just assume that this will happen. If only it were that simple!

Pass down the family tree

The thought of seeing the business continue to grow and flourish, still being owned by their family members is often seen as a preferred route. It is however almost certainly the most potentially problematic of the routes available.

Management buy out

Often over looked by many but always worth consideration. Why would those employees who have assisted in growing the business over the years not jump at the opportunity to become the next owners?

Liquidate the business

More often than not the option chosen when none of the above are available. Cease to trade, realise the value of assets, collect all monies due to the business and settle all liabilities. Even if the chosen route still has a number of pitfalls to avoid to ensure you keep as much of what you have worked so hard to create. The above is not an exhaustive list, there are other options available including; stock market flotation, continue to own the business but develop a team to run it in your absence, management buy ins, Employee Share Ownership Plans etc. Very few business owners give this topic any real consideration and just go with the first option that springs to mind. Don’t let yourself be one of those, contact us to ensure you achieve your objectives and maximise your business’s value. If you would like further information on our Business Succession services, please contact Chris Maylin at our Letchworth office on 01462 687333, or e-mail cmaylin@wkhca.co.uk