Just one-third of family businesses are successfully passed down from the first to the second generation.
Particularly when the family is involved, it’s crucial to have your assets and liabilities laid out as transparently and clearly as possible. This will help you avoid agonising disputes further down the line. It’s also important that both parties establish their values in advance to minimise disagreements. Even if you’re planning to sell off your business to someone outside your family before settling into your dream retirement, you should make sure that all loose ends are tied.
The best way to avoid nasty potholes and ensure a smooth transition is to hire an experienced advisor who can help you with the process. At Lifetime, we believe the first step is to help you clarify your needs and expectations from the transaction. We’ll begin with an initial consultation, in which we’ll ask you some questions and you’ll have a chance to do the same.
After that, we’ll help you pick the exit option that’s right for you, and come up with a watertight succession plan.
Whether you’re selling voluntarily or out of necessity, we’ll make sure you get the best possible deal when you hand over the reigns.