(2 of 3) So, You Are Going To Sell Your Business To The Next Generation Or To You Employees ... Now What?

The Business Behind Small Business

#53. In episode #52, we explored what it means to sell your business to an external 3rd party. In today's episode, we'll be taking a look at a different exit by selling. Let’s discuss selling your business internally to your next generation or to your employees: what it means, what you need, and how to do it in the most delicate way possible.

#smallbusiness #exitstrategy #entrepreneurship

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Article References:

https://www.viabeacon.com/blog/selling-a-business-to-key-employees

https://www.inc.com/encyclopedia/family-limited-partnership.html

https://www.growfinancial.org/investment-education/the-basics-of-business-succession-how-to-sell-or-gift-your-business/

FAMOUS EXAMPLES:

Dame Stephanie "Steve" Shirley:

https://www.youtube.com/watch?v=qQi4hLRXHU4

https://www.steveshirley.com/story/

https://www.theguardian.com/small-business-network/2017/mar/08/dame-stephanie-shirley-flexible-remote-working-glass-ceiling

Zildjian Family:

https://en.wikipedia.org/wiki/Avedis_Zildjian_Company

Tiffany's Recommendations:

Book - Let It Go By Dame Stephanie Shirley

Advice - Get a trusted "board of advisors" to help you transition out of your business!

Sevana's Recommendations:

Ask yourself some hard questions before you decide to sell your business:

https://allantaylorbrokers.com/sell-a-family-business/

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About BBSB -

We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!

Sponsorship Opportunities - Email us here: ⁠[e-mail]⁠

Website - Check out our website! ⁠https://www.thebusinessbehindsmallbusiness.com⁠

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Disclaimer - We are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.