Transferring ownership of a closely-held manufacturing operation is unlike transferring any other business or personal asset. Why? It is because of the intangibles. A significant portion of the business’ value is more often attributable to the owner’s or ownership group’s personality, efforts and relationships. Thus, careful planning and a well-crafted succession plan are essential in maximizing and/or maintaining the business’ value as ownership is transferred. The good news is that there are many options available to manufacturers who are seeking to hand over the reins. However, owners should analyze the options sooner rather than later to ensure optimal results.
Click here to read the full article which appeared in the 1.20.12 issue of the Charlotte Business Journal.