Business owners should align business operations with their long-term goals. Develop and implement a strategy for transferring your business to a third party or recouping your investment in your business. For example, if you plan to pass ownership of your company to family members, there must be a plan and timetable for training and assimilating these individuals into the business.
Purchasing a business is a complex process and every transaction is different. The Buyer should thoroughly review the business, anticipate potential post-closing problems and include provisions in the closing documents which will resolve these problems if they arise.
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While a divorce is a difficult and painful process under normal circumstances, it can be especially stressful and complicated for business owners. These issues are even more complex if both spouses own the business.
As a practical matter, the business needs to continue operations while the divorce process unfolds.
Small businesses often place restrictions on the transferability of ownership interests in these companies. It is best to have considered the issues relating to both the transferability of ownership and the termination of the relationship among the owners early on, when the owners can agree on how to handle these matters.
As a business owner you want to set up processes to best ensure that you are paid for your work. Here are some suggestions to increase your likelihood of being paid.
Successful companies evolve over time. It may be necessary to restructure the ownership, legal organization, or operational processes of a company in order to make your business more profitable.
You may need to perform one or a combination of the following actions: