Selling your business is not just a huge financial step but it is also a very emotional time. Combine that with the fact that most business owners will only go through one ownership transition in their lifetime and it becomes paramount to understand the options that are available to you. We also know that business owners are not only interested in their wellbeing, but also that of their family, their employees, and their community. Further, the importance of preserving the legacy and culture of the company is a critical component to any ownership transition plan and one that is emotionally important to the owner.
Therefore, based on our succession planning work with independent business owners, we have prepared the following chart that provides information on the various ownership transition options and the impact that each will have on the three most important stakeholders: the outgoing owner and their family, the incoming owner(s), and the loyal employees and customers.