Maybe a team of key employees has the ability, interest and resources to purchase the business. Perhaps members of the owner's family will be in a position to take over the operation. Or, it might make sense to sell to a competitor or outside group. Each method of succession has its advantages and disadvantages, including income and tax consequences. The final decision needs to be weighed based on the owner's needs, interests and the soundness of the options.
Smart decisions can mean a lucrative retirement for the business owner who dared to dream.
Maybe a team of key employees has the ability, interest and resources to purchase the business. Perhaps members of the owner's family will be in a position to take over the operation. Or, it might make sense to sell to a competitor or outside group. Very few endeavors can be as tough and as rewarding as the successful ownership of a business. The business owner will make mistakes, but learn many lessons, the most important of which is to plan and consider each stage of the life cycle and to assemble a team of specialists that can help him realize the dream.