Now is the time to pass down the business as legacy or sell it for cash.

Succession planning should be at the top of your list of things to do.  Does the next successor already have the expertise and experience necessary to hit the ground running?  If you have children, discuss their career goals with them early.  Are they interested at all in carrying on the business?  If so, are there special skills, competencies, or formal training required (i.e., languages, technology, professional certifications) for running the business?

Thinking about selling your business?  Before you attempt to sell, conduct a proper business valuation.  Although there are many Do-It-Yourself tools available on the web, we strongly recommend you seek the help and guidance of your accountant or CPA firm.  After all, they know you and the potential of your business better than anyone. 

Consult with a business broker.  Also check out the Internet's largest business for sale marketplace, BizBuySell.  Here you can compare pricing of businesses that are similar to yours and you might find another business you want to buy after you sell yours!  

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Choose from two easy options:

1.) Schedule a FREE and completely confidential in-person business counseling session in a private setting with an experienced and qualified TSBDC-certified counselor by calling (423) 392.8825 or e-mail info@kosbe.org. 

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