Closely-held business owners are busy running a successful enterprises and growing their businesses. But running the business and planning for the future as a business owner are two very different things. Every business owner should take a step back and view the business as a significant asset of his or her estate and as his or her means for retirement.
Every owner is going to leave their business at some point – whether through a sale to a third party, a transition to a family member, death, or disability. Spencer Fane attorneys help clients clarify their individual exit planning goals, such as a desired departure date and the amount needed from the business to retire comfortably. Some clients hope to transfer the company to a third party, others to a family member or another insider. Still others plan to continue owning the business with a management team in place that allows them to retire. We assist clients in finding the plan that’s right for them.