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


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

Fact Sheet for Business Owners

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

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