Putting a family-owned business up for sale can be a daunting challenge.
First and most importantly, there needs to be a consensus that THIS business will not likely continue indefinitely with family ownership. It’s not a sign of failure that a family business is sold—in fact, the statistics are clear that most family businesses do not continue under family ownership after the second or third generation.
Once that consensus is reached, what is the best way to prepare the business for sale? A recent article
in Trusts and Estates
by R. Jeremy Wilson, a manager at the accounting firm of Draffin & Tucker, LLP in Atlanta, discusses the importance of a strong advisory team in helping a family-owned business prepare for a sale. Note the importance of planning well in advance of the intended transaction.
is a business transactions and securities lawyer with a forty year history of serving clients’ legal needs. Keith focuses his practice on business relationships, including mergers and acquisitions, agreements among owner-entrepreneurs, and best practices for corporate governance. Keith can be reached via email at firstname.lastname@example.org or directly at 425.646.6133.