Business Succession
Have a business? What is your exit plan? Or do you have a successor ready and waiting to take over? What about your business partners? These are the questions you should be asking yourself as a business owner...
Key Persons
Every business has key individuals. Whether it be the CEO, sales director or administrative staff who has been there since day 1, it's important to protect your business against the damage it could suffer losing any of these key persons. It's also important to reward your staff for their performance and their loyalty.
Buy-Sell Agreements
In businesses with 2 or more partners, often an issue arises when one of the partners passes away. In this case, the shares of the business are typically inherited by the family. ​ This means that the new shareholders will be forced into the business. Often, this can create a lot of tension with the remaining partners. ​ In a buy-sell arrangement, an agreement is reached between all partners as to the buyout price that the surviving partners will pay the deceased partner's estate in order to acquire that partner's shares. This ensures that the family members get their inheritance without the complication of dealing with negotiations regarding sale of the shares and the partners maintain control of the business without the risk of external interference.
Business Expansion
Businesses need to grow. And when a business is making plans for growth, often the main restriction is funds. Instead of relying on expensive loans from banks or giving away valuable equity to investors, why not look at being a little bit more self-sufficient?
Exit Strategy
You've walked the walk, and talked the talk. Your business has been booming, but now's the time for you to move on to other projects, or, better yet, kick back and relax...
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What happens to the business? Why not look at selling it to fund your future plans?