We hope your business flourishes for years to come, but when the time arrives to move on, do you know what steps to take? Read on to learn about transferring ownership of your business.
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FNO Newsletter Editor
Transferring Ownership of Your Business
via U.S. Small Business Administration
As they say, all good things must come to an end. Maybe you'd like to retire, or maybe it's time to pass the family business to the next generation. For one reason or another, many business owners will face a time when they need to transfer their ownership rights to another person or entity.
Business owners have several options when it comes to transferring ownership rights. Be sure to consider all your options before making any decisions. Read the examples below to understand all of the options you have to choose from when you make the decision to exit your business.
An Outright Sale
Liz owns a local clothing boutique but it has not preformed the way she had hoped over the last year. With several other businesses on her plate, she can no longer afford to continue running the boutique. She needs a quick exit and quick cash. She may choose an outright sale of her business. By selling a business in full, you will transfer ownership immediately and receive payment for your assets right away.
A Gradual Sale
Bill owns a small food market near his home. After the birth of his granddaughter, he now spends most of his time at his daughter's home several hours away. Bill may choose to complete a gradual sale of his business. A gradual sale is a flexible option in transferring a business that tends to benefit everyone. After transferring business ownership, Bill no longer has to worry about running his business but is still receiving a monthly income from the gradual sale. This option often benefits individuals that cannot afford an outright sale, but instead are able to finance a long-term payment plan. Read more
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