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Succession Planning: Passing Along Ownership of Your Business

Thinking about leaving the business, but unsure how to retire as a small business owner? These resources will help you smoothly exit the industry and possibly transition to new ownership, no matter the reason.

Resources

People close their businesses for a variety of reasons. Some areas include declining revenue, industry change, or other financial problems. In addition, things like partner disputes, burnout, or personal changes can also cause businesses to close their doors.

Small Business Administration

No matter the reason, the SBA provides a detailed list of the steps needed to close or sell your business.

Succession Planning via Employee Ownership

Many business owners have not thought through their business succession plan. Expecting to retire in the next 5-10 years? It’s time to begin succession planning.

There are many options for who might own your business after you, including family members, key managers, an outside buyer – or your employees. There are several different types of employee ownership than could be a good option as you transition your business to the next stage, including an Employee Stock Ownership Plan (ESOP), a worker cooperative, or an Employee Ownership Trust (EOT).

To learn all about Employee Ownership, check out this easy, comprehensive guide from the North Carolina Employee Ownership Center!

Learn More

Contact the North Carolina Employee Ownership Center for more information.

Additional Resources

•Employee Ownership Options

•How an ESOP works

•Ensuring Your Legacy

•Tools for Worker Co-op Conversions

•Becoming Employee Owned

•Fifty by Fifty

•National Center for Employee Ownership

•ESOP Association

Events
Seminars

September 2023

Tue, Sep 26

HR Series Part 3: Employee Handbook
HR Series Part 3: Employee Handbook
Tue, Sep 26

Writing Your Business Plan Series - Session 1
Writing Your Business Plan Series - Session 1

Wed, Sep 27

Take No Bull Women's Conference 2023
Take No Bull Women's Conference 2023
Thu, Sep 28

Mastermind Group Series 1.0
Mastermind Group Series 1.0

Thu, Sep 28

How to Open a Non-Profit & Guide to IRS Form 1023
How to Open a Non-Profit & Guide to IRS Form 1023
Thu, Sep 28

You Can't have PR without Marketing!
You Can't have PR without Marketing!

View All Events

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