Business Strategy For Small Business » business interest http://www.santagnese.info Dedicated For Small Business to Win The Competition Thu, 26 Jan 2012 05:24:28 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Pass It On http://www.santagnese.info/pass-it-on.html#utm_source=feed&utm_medium=feed&utm_campaign=feed http://www.santagnese.info/pass-it-on.html#comments Thu, 05 Mar 2009 03:04:58 +0000 admin http://www.santagnese.info/?p=51 Yet Another Related Posts Plugin.]]> Lower are a by-product of a slow economy, which means if you’re trying to sell your business, it’s best to wait it out. But if you’re planning to transfer your business within the family, such as to a child, now could be a good time, explains Matt Painter, a partner with financial services firm Lattimore Black Morgan & Cain in Brentwood, Tenn.

“Since the owner is moving the business to a family member, the owner usually is looking to do it on the most favorable terms possible,” he says. “Generally, that means at the lowest price possible.”

Assuming you believe the downturn–and its effects on your business–are temporary and have bottomed out, Painter says taking advantage of today’s lower business values makes sense. That is, if you’re ready.

“The owner must understand that once the is transferred, it is really transferred,” he says. “Typically, that means the business owner is no longer in control, which can be a rude awakening for someone who has called the shots for 30 years.”

Before considering transferring your business to an heir, assemble a planning team to help guide you through these and other concerns. Painter recommends hiring a tax adviser, a financial adviser, a certified and an attorney, as well as an expert in planning services to help your company through the transition process.

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