What to Do About Your Business

 

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The question of what to do about your business comes down to two main choices:

• Transfer the business to heirs, or
• Sell the business (and/or its assets) to employees, competitors, or others.

Unless you develop a workable plan during your lifetime either to keep your business in the family or sell it as a going concern upon your death, your executor or other estate representative will likely be unable to do anything other than liquidate it — usually on unfavorable terms.