Plan the continuity of business
Entrepreneurs may also face the time to move on to new tasks. It is a good idea to plan the transfer of ownership well in advance.
The continuation of business is an important part of responsible and long-term entrepreneurship. At some point, it is a good idea for each entrepreneur to stop and think about what will happen when they want to leave the business – either due to retirement, a new career or other challenges.
Selling the company can be an excellent solution when it is done in a planned way and at the right time. The successor to an active company could be found surprisingly near: an employee, a family member or another entrepreneur. Transfer of ownership is also a way to ensure continuity of operations for customers and employees.
The transfer-of-ownership process requires time, a systematic approach and expert assistance, just like setting up a company. It is important to determine the value of the company, the potential buyer candidates, and the tax and legal impacts in time.
You can get guidance from business advisors in your region, transfer-of-ownership services and accounting firms. When implemented in a sensible manner, the sale of a company may also be a financially rewarding end of a long career.
