Handing it off
Plan who runs the place after you
Maybe it’s your son, your shop foreman or a stranger with a bank loan. Either way, the handoff goes better when it’s written down years before the last day.
Succession planning is part business, part family and part tax. I work with your accountant and financial planner to set a price, a timeline and a training period, then write the agreements that make it real.
How a handoff gets built
There’s no single template; this is the usual order.
- 01
Step 1: Decide who and when
Family, a key employee, a group of employees or an outside buyer, and how many years you want to stay involved.
- 02
Step 2: Value the business
A fair number for everyone, set by an appraisal or a formula you agree on now.
- 03
Step 3: Structure the payments
Cash at closing, payments from future profits, a seller-financed note, or a mix. Your accountant weighs the tax side.
- 04
Step 4: Write the documents
A buy-sell agreement, a purchase agreement, employment terms for the next owner and, often, updates to your own estate plan.
- 05
Step 5: Hand over, step by step
Signing authority, key relationships, the lease and the bank, moved on a schedule you set.
Questions about succession
How far ahead should I start?
Three to five years is comfortable. A shorter runway works, but it narrows the options, especially for selling to an employee who needs time to save or borrow.
My kids don’t all work in the business. How is that fair?
Fair isn’t always equal. Some owners leave the business to the child who runs it and other assets to the rest. We’ll talk it through, with your estate planner if you have one.
What if the buyer can’t pay me all at once?
Then the agreement protects you while they pay: security in the business, a schedule, and what happens if payments stop.
Thinking about your last day?
It doesn’t have to be soon. A first conversation costs nothing and gives you a plan to think about.