If you are a business owner, it’s inevitable that the time will come that your business will transfer to someone else – perhaps your children, a key employee or partner or even another business or private owner may buy you out. Many owners may be unprepared, which can delay the liquidity event and have a potential negative impact on the value of the business.
1st Advantage Bank has the experience to help guide you through formulating a plan for passing the reins when you retire. We will help you through the process of having formal agreements prepared to protect yourself, your family or your partners from unforeseen circumstances, to keep you in the lifestyle to which you have become accustomed and to maximize the value of your business.
To expediate the process of applying for a business loan, there is information you can gather beforehand. Here’s a helpful checklist.