As strange as it may seem, we often talk about how it is easier to get into business than it is to get out of business.
Once you start operating, you start accumulating equipment, customers, staff, and debt. As an operator, once you make a decision to get out of business, you are forced to start looking for ways to sell your property and equipment, notify your loyal customers and staff and pay off any debt you have to lenders and vendors. It gets complicated.
At the Foundation, we feel strongly that in most cases, it is much better for our communities if you transition your business to someone else rather than just plain closing the doors.
Transition can mean many things – sale, bringing on a partner, partial retirement, or merger. Here are some common examples of successful transitions.
- Selling to a key member of existing staff
- Selling to a family member
- Selling to a competitor
- Selling to a non-competing colleague