When contemplating an outright business sale to an outside entity, the first or foundational level of planning should be contingency planning.
As a business owner or executive, you are most likely the fiduciary of your company’s retirement plan. As the plan’s fiduciary, you are responsible and liable for oversight of the plan’s administration, investments and fees.
It is a very good use of time for a business owner or executive to review your retirement plan to ensure that you are providing the best benefit possible to your employees and to also reduce the potential for a lawsuit for breach of fiduciary duty.
It's important to be prepared if you want your family business to survive the passing of generations.
Selling a business can be complicated and daunting – and may bear substantial tax consequences.