Starting a business is a major accomplishment. It is even more so if it becomes a success. The problem is that businesses can long outlive their founders. We have several examples of companies that have been around for a hundred years or more. This is why you need to face the fact that you might need to give up your business. The process can be difficult, so here are some options on how to make it happen right.
Full Liquidation
This is one of the most painful choices possible. A complete liquidation involves selling all of your assets and closing up shop, but this is often the only option available for single-man operations.
For example, if you have been running a tailoring shop for years and you are the only person in the company, then it is often better to sell everything off. The advantage of this is that the process can be simple. All you need is to close the doors and sell everything off. The trouble is that you are not getting much out of it and your business closes its doors forever.
Turn to Your Partners
If you are not the only person in the business, then you might want to ask them to take over your share. You might even not have had a partner when you started. If you think that you are going to leave the business in a decade or so, that gives you time to bring in a partner to take over when the time comes. This is a great move since you know your partner and you can be sure that the business is in the right hands.
Family is Dependable
You might even decide to pass ownership to family. If it is a family business, then you might have them working for you already. Passing on the torch to them can be a good idea and has been done many times by other businesses.
Selling to Someone Else
Selling your business can be a great idea, as this helps create continuity and allows employees to keep their jobs. But selling off a business has its pitfalls. There are many predatory buyers out there who will buy a business just to cannibalize it of its assets and leave it as a husk. This is why you need to be careful about who you sell to.
One way to ensure a good purchase is to hire a broker. It should be easy to find a business broker in Salt Lake City and other urban areas. They can help you find the right buyer for your business, do all the footwork, and help in the negotiations.
You can also decide to turn to your employees. If your business is stable and your employees have been around for a long time, then giving them the chance to own the company they work for is a great idea. This usually involves giving employees a chance to own stock in the company, making them all part-owners. Hammer it out with your business lawyer and your team.
Saying Goodbye
Leaving a business can be painful. It is even more so if you put your heart into it. The options above can help ensure that the process is as quick and as painless possible. Making a clean break of things is the best way to say goodbye and these choices can help make that happen.
