PROTECTING YOUR BUSINESS

Many healthy businesses are unnecessarily at risk because their current owners have not planned for the continuation of their businesses when they retire, die or become disabled. The sudden death, illness or retirement of an owner/ entrepreneur can precipitate a crisis when the owner has not shared important knowledge or skills, or has not planned for estate tax liabilities.  

NYIRN seeks to help these businesses in two ways . by encouraging them to develop strategic succession plans, which can transfer ownership to family, management or employees or by selling their business to a new owner committed to keeping the business in New York City.

Succession Planning                    Buying or Selling a Business

Succession Planning
Healthy companies are likely to fail after the death, departure or disablement of the founder unless a formalized succession plan is in place. The result is that the family looses a valuable asset. Prudent business people have come to recognize that succession planning is as important as insurance to the well-being of a company.

An in-place carefully considered, succession plan will prevent confusion and disruption of business at the time the current owner leaves the business, either for reasons of retirement or health.

Experienced consultants can deal with the psychology of the family as well as the financial, estate and tax considerations of business transition. Valuation of businesses combined with a well-thought-out succession plan prior to need is preferable to hurried agreements reached under pressure that so often are later regretted.

Companies interested in obtaining ownership transition services or network participants who would like to make a referral should contact Michael E Katz at (718) 624-6800 ext. 14 or email to mkatz@nyirn.org.

Buying or Selling a Business

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Buying or Selling a Business  
NYIRN helps owners who have decided to sell their business to find qualified buyers who will commit to keeping the business in New York. As part of these services, NYIRN may help to arrange financing for the buyer.  

Click here to see the companies that are currently for sale.