Estate Planning and Business Law
Exiting the Business

Exit Planning

Guidance from San Ramon Business Lawyer

It is important for business owners to plan ahead. Not only should they be focused on how to effectively start and grow their businesses, but they should also make sure they are prepared for the day when they will eventually end their involvement with their companies. A business owner might one day end his or her involvement intentionally, such as through retirement; or unintentionally, such as due to an unexpected illness or death. The owner will need to be prepared for either type of situation, both for the financial stability of his or her family, and for the stability of the business' operations.

Whether you are considering eventually selling off your business or passing it down to a family member, it is vital that you get the proper guidance from an experienced business planning lawyer. At Santaella Jahangiri LLP, we have knowledgeable San Ramon estate planning attorneys who can help you explore your various exit plan options and help you lay down the framework for the exit strategy that best benefits both you and your business. The more prepared you are now, the easier the process will be in the future when you take the step of moving on from your company.

Choosing the Right Business Exit Strategy

Whatever types of options business owners choose, they will need to make sure they have enough money set aside from retirement. The owners will also need to make sure that they have legal documents clearly stating what should happen to their businesses if they become seriously ill or disabled, or if they die unexpectedly.

Here are just a few of the various types of exit plans that business owners might want to consider:

  • Sale of Business—Some business owners choose to grow their companies and then sell them off once they increase in value. If this is what you plan to do, you will need to create a clear plan about how you will do this. You will need to consider at what value you will want to sell your business, how to best prepare your business for a sale, whether you want to sell your business to another private business owner or be acquired by a larger company, etc.
  • Succession Planning—Do you plan to pass your business off to the next generation in your family? If so, you will need to do the appropriate planning for how the ownership of the business will be passed on to the next person. This is called business succession planning. Without this type of planning, your child, nephew, grandchild, other relative or non-relative successor could end up facing a difficult ownership transition that could cost your loved ones and the business money.
  • Business Liquidation—This process requires you to sell your business' assets at market value and use the proceeds to pay back creditors. This option usually has more limitations on how much profit can be made from the sale of a business.

Contact a San Ramon business attorney from our firm for assistance!

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