Leaving a business you own is never easy, especially if you've built it from the ground up. For most people, selling a business seems like the only option, but according to Zoellner, Garten & Company, this doesn't always have to be the case. For nearly 30 years, this business planning company has provided indispensable information for business owners in and around Kentucky and the Cincinnati, and Dayton, OH, area.  

Depending on certain factors, such as the type, size, and profitability, you may want to consider these other options before selling your business:

• Gifting Ownership: The process of gifting a business is complex and should be processed with care. Because of the tax implications, it requires years of business planning.

• Hiring a Manager: Best for businesses generating considerable cash flow, hiring a manager allows you to leave the daily operations while remaining the owner.

• Liquidating the Assets: If the price of your business isn't worth more than the value of its hard assets at the time you'd like to sell, you can liquidate the assets through auction. However, those profits must first pay off all debts. This isn't a desirable exit strategy, but it can be avoided with proper business planning.

• Closing Up Shop: When any assets lack real value and cannot be sold as long as there are no standing debts, leases, or any other type of obligations, the owner can terminate the business. There are certain obligations that can be transferred to the owner if necessary.

• Filing for Bankruptcy: This is the least desirable option, and it’s a last resort, but it’s still a possibility. As in the case of liquidation, proper planning will help avoid this outcome.

Sometimes, selling a business is the best option. Prospective buyers include co-owners, family, friends, employees, customers, suppliers, and other competitors. More complicated methods involve management buyouts (MBO), Employee Stock Ownership Plans (ESOP), and private equity groups (PEGs), just to name a few.

If you're in Cincinnati and you’ve considered leaving your business, consult Zoellner, Garten & Company. If you’re interested in another type of business planning, their advisors are experienced and can help you with more than selling a business. For more information about all of the services offered, click here or call (513) 852-2400.