You built a business; years spent working, sacrificing and creating something you care deeply about. Passing it down to the next generation may be a part of your overall plan.  How you go about it though, differs from owner to owner. Depending on your business type, your retirement plan and the next generation, you have a variety of options available. 

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As you start thinking through your transition, some questions you will want to consider are: 

• when do you want to be done working? 

• when will this transition start? 

• how much do you want to be paid for your business? 

• will you be providing a discount on the value of the business?

• will this sale be an immediate transfer or will it occur in phases? 

• what taxes are you being incurring through the sale? 

• what is being transferred with the business? 

• can the intended successor afford to purchase the business? 

• if you wish to provide for other beneficiaries in your estate plan, how will you treat them fairly?

• was is your plan regarding long term care coverage? 
   

Though this list is by no means comprehensive, it will allow you to start developing your goals. 

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