Article by Eric Purvis, Director of TAA Planning.     You might remember Paul Simon saying there were 50 ways to leave a lover. But if you’re a business owner thinking about how to leave your business you really only have nine options to consider: Sell or give your company to a family member Sell your business to one or more key employees Sell to your employees Sell your business to other shareholders Sell to an outside third party Bring in an outside investor and keep a minority interest Go public Hire a management team to take over and become a passive owner Liquidate your business Determining exactly which option is right for you is a challenge many business owners put off until it is too late. Opportunities disappear as time passes. If you wish to leave your business on your terms and in your own timeframe, you need to be proactive about understanding your exit options. I recommend a four-step process to determine which exit option is best for you. This process will ensure that your exit options are consistent with your personal goals and take into account the realities of your company and the marketplace. Choosing a Path 1. Set Personal Goals. You need to identify your most important objectives; both in terms of financial goals and non-financial goals. Ask yourself, amongst other things: How much money do I need from the exit to ensure my family’s financial security? Do I want the company to stay in my … Continue reading The 9 ways to leave your business