Chief Experience Officer Royce Ramey Shares Five Things Business Owners Should Consider Before Selling a Business
When it comes time for entrepreneurs to decide on selling their business, it can be a difficult and emotional decision. Family Office Exchange (FOX) featured Chief Experience Officer Royce Ramey’s advice on the “Top Five Things to Consider Before Selling a Business.”
Entrepreneurs often reach a point when they are ready to sell their business. Ramey focuses on five key areas when advising clients through the process of selling their business:
- What is the current and desired lifestyle after selling the business?
- Should any proactive estate planning be completed?
- Should any philanthropic strategies be considered?
- What does the transition ultimately mean for the family?
- How do you transition from internal to external advisors?
From considering how to best position a company for its sale to preparing a family for an influx of liquid assets, Ramey outlines the key components of how to successfully sell a family business. “When you find yourself at the crossroads of selling a business, be mindful of your current and projected lifestyle goals and how your cash flow may be impacted [and] be sure to fully evaluate the day-to-day resources your family enterprise needs now and long into the future,” says Ramey.
With more than 20 years of experience working with family businesses, Ramey, along with others on the Tolleson Wealth Management team, advise and create new avenues to help meet families’ financial needs. Equipped with the knowledge and experience to walk business owners through the sale process, the team can help cover blind spots and anticipate what a client’s experience will look like both during and after the sale.
Read Ramey’s full article “Top Five Things to Consider Before Selling a Business” here.