Comments on: Selling a Business During Recession! http://www.sellingbusiness.ca/selling-business-recession Small and Middle Market Businesses in Toronto, Ontario, Canada Thu, 25 Jun 2009 22:02:05 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Thomas Deans http://www.sellingbusiness.ca/selling-business-recession/comment-page-1#comment-5 Thomas Deans Sun, 10 Aug 2008 23:38:53 +0000 http://www.sellingbusiness.ca/?p=29#comment-5 You are absolutely correct that even during slowing economic time a business can be sold at a good price. What is critically important is that aging business owners formalize their busiess succession plans and discuss openly with family members how the business should be dealt with in the event of a major health issue or death. Doing nothing is a plan just not a good one. Studies show that most business owners have no formal business succession plan and run the risk of destroying the value locked in their business. Having a will is no substitute for dealing with all the practical issues that need to be dealt with when death or disability strike owners. When shares roll-over to a surviving spouse what does that look like --has your spouse (usually a wife) ever chaired a board meeting. Will she get along with minority shareholders? Better to ask the questions now and plan. In my new best selling book Every Family's Business I offer 12 questions to guide every owner's business succession plans. Thomas William Deans Ph.D. www.ProtectingFamilyBusinessWealth.com You are absolutely correct that even during slowing economic time a business can be sold at a good price. What is critically important is that aging business owners formalize their busiess succession plans and discuss openly with family members how the business should be dealt with in the event of a major health issue or death. Doing nothing is a plan just not a good one. Studies show that most business owners have no formal business succession plan and run the risk of destroying the value locked in their business. Having a will is no substitute for dealing with all the practical issues that need to be dealt with when death or disability strike owners. When shares roll-over to a surviving spouse what does that look like –has your spouse (usually a wife) ever chaired a board meeting. Will she get along with minority shareholders? Better to ask the questions now and plan. In my new best selling book Every Family’s Business I offer 12 questions to guide every owner’s business succession plans.

Thomas William Deans Ph.D.
http://www.ProtectingFamilyBusinessWealth.com

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