Small business owners are in many ways the heart of a business. There are both anticipated and unforeseen events that demand succession planning to save the heart of the business, metaphorically speaking. Examples include retirement, owners disputes, death or incapacity, or preservation of a business’s value. Other times, business succession planning is a strategic exit or transition of ownership approach implemented by the owner or owners.
The objectives of a small business owner vary and are usually a combination of the following:
- to transfer ownership to heirs by gifting or selling
- to sell the business to a key employee or several employees or third parties
- to minimize or defer payment of estate or income taxes
This is not an exhaustive list of reasons or objectives as each person is unique. Anidjar Law’s directive is to provide practical solutions to complex problems.