This guide for small business owner managers shows you a way to include senior employees in your business succession plan.
There are numerous reasons to include long-time employees in your succession planning, such as:
- to honor previous commitments made to these employees,
- to give deserving employees an opportunity to acquire the business,
- family members are not interested in taking over the business,
- senior employees often represent the best possible buyers for the business,
- some combination of all of those reasons.
This guide sets out the pros and cons of this strategy, the issues to consider, and how to structure the deal in the best interests of all parties.
Management Buyouts: Selling Out to Senior Management is a great guide for owner managers of small businesses.