How do I get out of my business when it’s time?
Let’s say you have been in business for some time, and family does not want to run the business when you are out. You have invested too much effort and time into making this business a success. Plus, you would like to earn some sort of residual when you let it go.
I suppose you could just sell the business. Aren’t there plenty of potential buyers who would pay top dollar for your business? Probably not; every buyer is looking to steal, not buy.
Suppose you have an employee who would make an excellent business owner for your business, and you might really want him or her to take it over when you are done. Big problem, though, that employee will never be able to afford it when the time comes. What is to be done?
With a correctly structured program you could plan the buyout and the financing, and at the same time provide an incentive for her to stay on until that day when she takes over. You could even make it tax deductible.
Let me know if that sounds interesting.