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UBS Financial Services Inc.
4. Create business succession and contingency plans. Prepare formal succession plans and communicate them to your leadership team. Decisions around who takes over and how can be essential to the survival of your business.
5. See that legal records are in good order. Are your legal contracts in order? Are your employee procedures and agreements solid, with a change in control in place? Are there any environmental, compliance or regulatory issues that need your attention? Is there a chance to extend lease agreements or take a closer look at real estate holdings? Is your intellectual property adequately protected? will look for a strong leadership team that will stay with the business through the transition period or longer.
7. Consider a formal board of directors with outside members. Establish an advisory council or a formal board of directors. Look to include outside members who own or have owned successful private companies.
8. Minimize your business’ s reliance on you. Many business owners are justifiably proud to be the leading driver of sales and revenue. However, to truly drive a growth strategy, you need to make the business less reliant on you. After all, with a sale, you’ ll one day be no longer at the helm.
6. Secure your leadership team. Be certain you have a leadership team that is ready for a smooth transition when the time comes. The next owner of your business
Each business is different and preparing for a transition is a complex process. Start thinking about how you can maximize the value of your business today. ■
Sean W. Hardy is a Financial Advisor at UBS Financial Services Inc. at 600 Superior Avenue E., 27th Floor, Cleveland, OH 44114 and can be reached at 216-736-2876 or sean. w. hardy @ ubs. com.
Neither UBS Financial Services Inc. nor its employees( including its Financial Advisors) provide tax or legal advice. You should consult with your legal counsel and / or your accountant or tax professional regarding the legal or tax implications of a particular suggestion, strategy or investment, including any estate planning strategies, before you invest or implement.
The information contained in this article is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. The strategies and / or investments referenced may not be suitable for all investors as the appropriateness of a particular investment or strategy will depend on an investor’ s individual circumstances and objectives. Investing involves risks and there is always the potential of losing money when you invest. The views expressed herein are those of the author and may not necessarily reflect the views of UBS Financial Services Inc.
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