Josh Patrick Has Released a Business Exit Planning Blog Article on How to Leave Your Business

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Josh Patrick has released a blog article on the 4 ways and only 4 ways a business owner can leave their business. Josh says, "business owners need to pay attention to these strategies."

Leaving a business should be on the business owners terms.

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Josh Patrick is often asked about exit planning for private business owners. Josh has identified four and only four different ways business owners can leave their businesses. The four ways are:

An owner can sell their business to an outsider or a third party. This is where a business owner sells their business to someone outside of your family or present business family. This buyer will either be a financial buyer, a strategic buyer, or an intellectual capital buyer.

An owner can transfer their business to their managers. This transfer method is often satisfying to the selling owner. They get to see the business continue under similar methods as when they ran the company. Their stakeholders are often taken care of and treated well.

An owner can transfer their business to their children. Today we’re seeing less and less children interested in taking over the family business. At the same time, for those families that want to do a transfer to family, the transfer can be very satisfying.

An owner can liquidate their business. This is often the default option for those who have not planned for how to leave their business. In almost every instance business liquidation, whether it be controlled or forced, is not the best way to leave the business. The owner will often be left with less money and have more trauma along the way.

Business owners should consider passive ownership as a step along the way. Josh believes that every business owner should consider passive ownership as a logical step along the path of exiting their business.

Josh Patrick is a founding Principal at Stage 2 Planning Partners. He specializes in helping make business owners lives better through comprehensive wealth management.

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