Becoming a business owner is a big decision. Your primary objective, once you get in, is going to be to become stable and successful. Perhaps ironically, you also have to consider how you are going to get out.
The reason why you should consider this early on is because of the fact that you may act in different ways depending on how you intend to proceed in the future. If you want the business to remain in the family after you retire or pass away you are going to act differently than you would if you intended to sell the business to the highest bidder to finance your retirement.
There are also those who are in owner-dependent businesses. This can include professional practices, contractors, and others. These individuals are faced with another type of situation because their businesses may not be financially viable after they decide to stop working.
If you are a partner in a small business you and your partners must work together to devise a strategy that works for everyone, and this often involves the execution of a buy-sell agreement.
It is not as easy as simply stepping away when you decide to retire when you own a small business. Every situation is unique and this is why personalized planning with the benefit of expert guidance is recommended.
To be sure that you are working within an informed framework that leads to the ideal exit, take action right now to set up an appointment to speak with a seasoned and savvy Oklahoma City estate planning lawyer who places an emphasis on small business planning.
Author, President and Founding Attorney
Parman & Easterday