SUCCESSION AND EXIT PLANNING
Often a small business is one of (if not the largest) the assets held by the individual owner(s). Despite being one of the largest assets in the owner’s portfolio, it is common for a small business owner to not have an established succession or exit plan in place that would allow the business to transition to a new owner or to a family member. Our firm routinely advises, consults and guides small business owners in connection with their desire to extend the life of the business beyond their individual time of service. Such advice includes, but is not limited to:
- Developing transition plans to key employees or family members
- Identifying potential transition targets
- Grooming the company for a potential sale to a third party
- Considering alternatives to a complete transition (such as a strategic partnership or dividend recapitalization)
- Drafting Shareholder Agreements or Operating Agreements to ensure ownership transitions to certain individuals
- Strategizing on funding mechanisms to support a buy-out
- Establishing buy-out triggers to avoid unwanted owners
