Even a cursory glance at the literature on business succession reveals gory statistics: fifty percent of small businesses survive only five years; thirty percent of family owned businesses don’t make it to the next generation. It’s enough to discourage even the most entrepreneurial intrepid among us.
And yet people do establish businesses. They form corporations and partnerships and limited liability companies, and many of them even foresee the day when their business, or at least their participation in it, will change or come to an end. Many of these people develop succession plans and exit strategies, and we at McDowall Cotter are here to help them.
Succession plans and exit strategies anticipate life’s inevitable changes. The partners with whom you developed the idea that made you a small fortune (or even a large one) would find a new passion and simply want out. Or perhaps it’s you who is tiring of the daily grind but wish to keep your share of the business in the family by passing it on to your children. Maybe there’s divorce or someone passes away. Stranger things have happened. Succession planning and exit strategies that are put in place before such events occur ensure smooth transitions and equitable financial settlements for everyone involved.
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