Is it Time to Transition?

I have a rough plan for my business, but I’d like someone independent and experienced to talk to about the options and the process.

Legacy Partners, with our Confidential Assessment (sm), provides a realistic assessment of your business and its value as currently operated, using accepted methodologies. We present our findings and discuss the strategic options for the business and their implications for you and your next step. That may include another business, a family holding company, philanthropic initiatives, etc. Working with your team of advisors and specialists as needed, we help you manage the process to efficiently implement your plan.

I have received an unsolicited bid to buy my business, and I have so many questions.

This may be a good wake-up call. Are you really prepared to sell? If so, your first step is to determine the value of your business as currently operated. If you decide to begin sale discussions, Legacy Partners can help you identify immediate steps to enhance your outcome, including quietly connecting you with an appropriate investment banker who has experience selling businesses in your industry. Otherwise, you can use this opportunity to start your plan for transition.

I have no idea how to get out or what to do after I sell or transfer my business.

Until you are comfortable about the direction your life will take after the sale of your business, it is difficult to consider the “retain or sell” decision. By engaging in discussions with Legacy Partners about the options for your business and future opportunities, you will begin to feel excited about all of the possibilities. Legacy Partners will take you through the process and ensure a high level of comfort, clarity and confidence with the transition plan.

My business partner and I have different ideas and objectives. I don’t know how to get out of my business and I am worried.

Start discussions with your partner about long-term ownership objectives, opportunities, and constraints in your business, including investment needs. You may be pleasantly surprised that both of you are on or are close to the same page. Legacy Partners can help you both review the options: one partner buys out the other; sell the company to an outside buyer; liquidate or set a timeframe to decide on the transition, etc. We, or one of our partners, can facilitate any of these discussions and help enhance the outcome for you, your partner and the business.

My family has owned this business for decades. I am ready to get out, but my children aren’t ready for management. What are my options?

Important family considerations go with the territory, but consider the difference between “my family business” and “my family in business.” Given the choice, your family members may pursue other options. Legacy Partners can help relieve the pressure by reviewing the implications of an interim professional management team. If prospects are not good, the family business might be converted into an investment company.