Business Products & Services

Winding down your business

Winding down involvement with a business you've built is something most owners would rather not think about. Planning ahead gives you more options and ensures a successful transition for you and the business.

It can take years to plan and implement your exit strategy, so don't wait until the last minute. Spend some time thinking about what you want for yourself and the business. Are you ready to retire completely or hoping to phase out your involvement over time? Are you hoping to keep the business in the family? Do you care about the future of the business? Consider how, when and to whom you'll transfer the business.

Financial considerations Expand/Collapse

The financial and tax implications of a business transfer depend on how your business is structured and the type of transfer you’re planning. If you’re transferring the business to family members, it’s a good idea for everyone involved to consult:

  • a tax accountant
  • a business advisor
  • an estate planner
  • a third party business valuator

We welcome you to contact your business advisor directly or give us a call at 1.866.446.7001 if you don't have an Innovation business advisor in place yet.

All in the family Expand/Collapse

Set on keeping the business in the family? Involve family members in the planning process and consider how your choices will affect the entire family. Identify family members who are interested and capable of running the business, then leave plenty of time to prepare them for the job.

Options for transferring ownership to a family member include:

  • Gifting all or part of your business (shares or assets) to your heir(s) over time
  • Selling all or part of your business (shares or assets) to your heir(s) outright or over time

We welcome you to contact your business advisor directly or give us a call at 1.866.446.7001 if you don't have an Innovation business advisor in place yet.

Employee Buyout Expand/Collapse

Selling your business to an employee group can be an attractive option. You're dealing with a group you know and trust (you did hire them after all) that has a lot invested in the business.

An employee buyout can be less disruptive than a third-party sale, since the buyers are familiar with your industry, customers and corporate culture. Many owners view this option as a chance to recognize key employees for their contributions to the business.

We welcome you to contact your business advisor directly or give us a call at 1.866.446.7001 if you don't have an Innovation business advisor in place yet.

Contact us today

Our business advisors and planning professionals are here to help you transfer your business smoothly and successfully.

We'd love to help you transfer your business as part of a complete financial strategy.

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