Plain and Simple: Bright Business Insights Spring 2019 | Page 9

buy-sell agreement can be helpful because it lets you immediately payout as a result of the sale, your legacy and your employees are divest your share of the business, which can result in a significant very likely to take a hit. payout. However, with this option, you may get a larger sum of money in the end, but your legacy may be lost. • Simply choosing your favorite option isn’t good enough. Your best bet is to work with an expert in this area to draw up a plan and implement Entrust It To Your Employees – Setting up an Employee Stock a strategy to help facilitate a successful plan. Rea’s team of Certified Ownership Plan (ESOP) gives you the option to sell up to 100 Exit Planning Advisors is available to answer your questions anytime. percent of your business’s stock to your employees. ESOPs are Give me a call at 614.314.5937 to learn more. ideal for business owners who want to continue to provide for their employees while ensuring that their business and workplace values live on after they leave. Even though there are a lot of great qualities associated with setting up an ESOP, they can also take a lot of time and money to implement. Speak with a succession plan advisor who specializes in ESOPs to determine if this complicated option makes sense for you. • Sell It Off – If you can’t settle on any other viable options, you might consider selling your business to a third party or even closing the doors and liquidating your assets. While this option is typically viewed as the easiest to complete, it comes with its own share of considerations. So while you might receive an instant by: Doug Houser, CPA, MBA, CEPA Principal, Director of Construction and Real Estate Services 614.314. 5937 [email protected]