Do You Have An Exit Strategy For Your Business?

A close review of successful businesses reveals one characteristic they have in common: a quality business plan. Virtually every business has plans for start up and operations. A top-notch business plan clearly spells out long-term objectives as well as day-to-day operational details. Businesses that fail, in many cases, ultimately self-destruct because they lack a viable business succession plan.Smart business owners answer yes to the question “Do you have an exit strategy for your business?” from the very start. The answer often entails one of the following:
  • Sale to employees
  • Third-party sale
  • Sale to family members
  • Inheritance for family members
  • Transfer of assets to a charitable cause

I can help you determine the exit strategy for your business.

A succession plan establishes protocol for passing on a still-viable business to new owners when the original owners die, become disabled or unavailable, or voluntarily quit the business. Business succession plans often provide for alternative ownership in case of loss of capacity or availability of the initial owners. The designated take-over owner or owners might be business partners, family members or other trusted individuals acquainted with the business.

At the time of a business startup, the ending of the business can be hard to imagine. A business succession plan takes the mystery out of the life cycle of the business. Instead of wondering what will happen in case of death, incapacitation or other absenteeism of the owner, a smart new business owner builds into originating documents a plan for such eventualities. The more proactive entrepreneurs can be when starting new businesses, the greater chances there are that the business will grow and ideally, outlive them.

Plan a business legacy as early as possible, when starting up a business or taking over a business.

I am a knowledgeable and experienced business succession planning lawyer in Nashua, New Hampshire. I look forward to helping you strategize the most advantageous business plan, including a sensible succession plan. Call me, Attorney Alec Buchanan, at 603-882-5129 or send an email through this website.

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