Our Denver Business Succession Lawyer will Help You Face the Challenges
Owners of small to medium-sized businesses face unique challenges in the search for the best way to transfer the business when the owner is ready to retire, or when the owner is not ready, but becomes disabled or dies. Some will look for ways o transfer the business to family members, and others will have key employees transition into ownership. Some businesses will be sold to third party buyers.
There is no one size fits all solution for these business owners. But there are a number of different approaches. For example, selling the business for the highest price may not bring the owner the greatest value. Taxes, the time value of money, and other factors can make the high bidder the least attractive solution. There are a number of effective tools and techniques that can maximize value.
One thing that does apply almost universally is that the sooner you start to plan, the better the result. We recommend a business owner start the discussion as early as ten years away from retirement, even if most of the planning and implementation may not take place until 3-5 years before the owner intends to reduce his or her role in the business.
Contact our Lakewood Business Law firm today to schedule a no-charge consultation about transferring your business.