Taking the Fear Factor Out of
Succession Planning Questions to Consider to Keep Your Company Strong After You Leave
F
or many business owners, selling or passing on a business to heirs can be as challenging as starting their beloved business was many years ago. After investing years or even decades of blood, sweat, and tears into a business, for many business owners, their work becomes a part of their DNA and as dear as a child.
Michael Raum
on Selling Your Business to a Third Party
By F. John Williams III & Michael Raum Photos courtesy of Fredrikson & Byron
We recently sat down with two local attorneys from Fredrikson & Byron law firm, Michael Raum and F. John Williams III, and got answers to a few questions they say a business owner should be considering as they prepare a continuation plan for their company. 48
AUGUST 2017 | FARGOINC.COM
HOW DO I IDENTIFY A SUCCESSOR? Michael Raum: When selling a business, you don't always have the luxury of choosing your opportunity because a potential buyer may approach you at the time that makes sense for them.