Business Sales and Legacy DecisionsBusiness Sales and Legacy Decisions
Selling a family business is typically complicated and fraught with emotional issues for the owner. The owner is selling his means of livelihood, and more the composition of his net worth, which will migrate from business earnings to a portfolio of liquid assets generated by the sale. The good news is that owners aren't going through the process alone, but are typically represented by teams of advisors.
Gregory D. Singer & Brian D. Wodar
Selling a family business is typically complicated and fraught with emotional issues for the owner. The owner is selling his means of livelihood, and more — the composition of his net worth, which will migrate from business earnings to a portfolio of liquid assets generated by the sale. The good news is that owners aren't going through the process alone, but are typically represented by teams of advisors. The role of the investment manager isn't to pass judgment on one or another term sheet, but to place each in the context of the owner's overall financial objectives. This can be done at any point during the deal — but the sooner the better.
Owners need to consider two fundamental questions: (1) how much ...
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