If you have not already named a successor for your company, here are a few options that I can help you go over.
A FAMILY MEMBER
Family businesses are the backbone of the United States economy. If you have a trusted family member that knows your business well, he or she could serve as a great choice to take over for you, especially if he or she has years of experience at the company.
SELLING YOUR SHARES TO A CO-OWNER
If you found your business with a co-owner, it may be a wise decision to sell your shares of the business to him or her. This is a reliable option to choose due to the experience and trusting relationship that you already have with this person.
SELLING THE BUSINESS TO A TRUSTED EMPLOYEE
If you employ someone that you feel would be successful in your position, that might be the right option. In some cases, you do not always have an eager family member or experienced business partner to fall back on when you decide to take a step back. Handing the reins to a trusted employee might be the decision that your business needs to prosper.
There are several options that you have to consider when stepping down from your business. As a business succession attorney, I am here to help you find the right solution for your company. Get in contact with my law firm George T. Ligon II, Attorney at Law, LLC in York County, South Carolina, and schedule a free meeting.