Successful successions: how to effectively transfer your business
In a recent Globe and Mail article, Halifax partner Richard Niedermayer, TEP, provided some tips and tricks for the successful transfer of a business.
Richard notes that if an owner wishes to sell their business, they should do everything possible to keep it looking good: “…keep a clean balance sheet, grow revenue where you can, keep costs under control and put repeatable management structures in place.” When transferring a business to a family member, Richard suggests creating a growth and development plan, to ensure the next owner will be prepared for the business. Richard notes that, however an individual wishes to pass along their business, it should be properly evaluated for best results.
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