There are several. They would include; 1) an outright sale of the business, 2) turnover of the business to relatives or employees, 3) merger with a friendly competitor who has the knowledge, insight and capital to drive the business forward, 4) retain absentee ownership of the business and hire an administrative manager to continue its operation, 5) terminate the business and liquidate its assets. A professional business valuation is necessary (if not vital) when considering options 1, 2 or 3. If considering a merger, a business valuation of both firms is required.
If I’m thinking about exiting the business what are my options?
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