Transitioning Your Privately Held Business
Founders of privately held businesses inevitably come to the proverbial fork in the road—“What next?”
Retire and pass the business to the children? (Or acknowledge that the children are neither equipped nor interested in sustaining the business?) Stay on in a limited capacity? Sell to an outsider?
Transitioning your business to a family member
A challenge for any business owner is knowing when and how to transition leadership. If you run a family business, the decision can be even more complex as family harmony and relationships are often at stake. If you have a strong desire to keep your business within your family, the following considerations can help you prepare for a successful transition.
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Selling your business outside the family
The decision of when and how to sell a privately held business is often based on three factors: economics, emotion and need. When a business owner eventually decides to exit the business and sell to a third party, the future can suddenly become very uncertain. If you’re thinking about selling your business to a third party, the following considerations can help you position yourself for success, both pre- and post-sale.
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Is selling your business in your future?
It’s easy for personal financial planning to fall through the cracks when you’re trying to run a business and see the sale process through to completion. However, a large liquidity event can be life changing, especially with no plan in place. Before you head for the exit, the following considerations may help you plan for the transition
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Additional resources
Please see additional resources on this topic, or contact a CIBC Private Wealth advisor for more information.