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Succession

Thinking of selling or passing on your business? There’s a lot to learn. You can increase your odds of success by doing your research before you get started. The Utah Small Business Development Centers (SBDC) provide information to help you research your idea and plan your next move.

Step 1: Find the SBDC in Your Area

There is a business consultant in your area located at the closest college, university or USU Extension office. All of the Utah Small Business Development Centers (SBDCs) offer one-to-one, confidential consulting. The consultants can help you with the steps and resources you need to get ready to transition your business to another owner or to close it. Your consultant will provide you with the necessary tools and insight to help you get the most from your business.

Step 2: Complete the Online Request for Business Consulting

Ready to speak one-to-one with a business consultant? Request an appointment here or call your local SBDC. When you fill out the request form, the SBDC will contact you and make an appointment for a confidential meeting to discuss business succession strategies and how the SBDC can help.

Questions to Consider when Preparing for Business Succession:

If you plan to sell your business, do you know what your business will be worth? No matter the plan, an SBDC can help you make the most of the transition. Consider these questions as you plan for business succession:

1. Exit Strategy

- Are you considering selling your business?
- Are you transferring ownership to a family member?
- Are you considering a business merger?
- Are you thinking of liquidating your business?
- Are you considering hiring a manager to take responsibility?
- Are you divesting or segmenting your business in preparation for sale?
- Are you filing for bankruptcy?
- Are you closing your business?

2. Naming Your Price

- What is your business worth?
- What valuation formula will you use to value your business?
- What can you show to justify the business’s value?

3. Selling Your Business

- Are there buy/sell agreements in place?
- How does your exit strategy affect your personal estate plan?
- What are the legal and tax considerations of selling your business?
- Will you consider financing the buyer?

4. Professional Consultation

- Who will you consult for the best strategy to sell or close the business?
- What kinds of advice will you need?

5. Planning for Succession

- How does your business’s operation agreement and legal structure support business succession?