Business Exit Plans

pUnder ordinary circumstances, you would spend several months closing down a business. Unfortunately, the COVID-19 pandemic has made sure these are not ordinary times. As a result, circumstances may have dictated you close your business much faster than normal.

pAre you thinking of selling your small business? Whether you’re selling it to raise cash for something else, because you want to get out of the business world or because it’s the right time to sell due its overwhelming success, it pays to consider the tax ramifications.

p class=normalWhen you started your business, you probably didn’t think about its end. The first few months, years, or decades, your focus was likely growing your sales, developing new products or services, and building your reputation in the community.

pGoing into business with a partner can be a great way to spread risk, to draw on each other’s skill sets, and to combine resources to grow your business. But, at some point, the partnership may not be serving either you or the business well. It might be time to dissolve it./ppDissolving a partnership is a delicate affair.

What is an exit strategy?