09
Dec
Transition Planning
Even the struggling setup company or the very small business, is owned by somebody. If that includes family members or other co-owners of closely held shares, it’s never too early to negotiate a buy-sell agreement to define how ownership changes will be handled.
No family company is immune to the difficulties that can be caused by death, divorce or hard-headedness within the family. Before such things appear, they should be covered by a buy-sell agreement that has been worked out under relaxed conditions with competent professional advice. The time to plan for bad times is during good times.
Think it through, reach agreements and put the agreements in writing. It’s a business-like way of doing business.
Other issues that should be addressed are employee retention and the cost to the company of losing a key employee. There are ways to help prevent that from happening. Protect your company from an employee leaving and starting their own company and targeting your customers.
This is one way you can protect your business and run it like a business.
A Business Consultant can help you recognize and address the many challenges, problems and issues that trouble you concerning running your business, and provide options to help you resolve issues.
Consult an Attorney to help you with legal advice and a CPA for tax advice. Their fees are well worth the investment.
C Bruce Matthews, CTEP, CWM
TruOptions Business Consultants, LLC
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