Selling the business on the open market is a viable exit strategy. Alternatively business brokers in Los Angeles recommend keep your venture in the family. This is a popular approach that allows you to preserve your legacy.
Successors can help take the business venture to the next level and earn a decent living. In addition, you can take advantage of a seamless transition by grooming a successor five or more years before retirement. You can also continue playing a limited role in the venture as an adviser.
However, the development of a succession plan can be challenging depending on your family’s dynamics. In some cases, the family members may lack the skills needed to run the business successfully. Some clients may express concerns about the changes in the business. On the other hand, marginally profitable businesses have been shown to attract fewer buyers and low offers.