Summary In this episode, the hosts discuss the pros and cons of an internal sale, which involves transferring the business to someone already within the company. They highlight the benefits of continuity and legacy, as well as the advantage of not having to search for a buyer. However, they also address the concerns and risks associated with an internal sale, such as selling the business at a discount and potential conflicts within the family or among employees. The hosts emphasize the importance of careful planning, considering skillsets and desires, and addressing estate planning concerns.   Chapters 01:25  Internal Sale: Definition and Benefits 04:21  No Need to Find a Buyer 06:01  Concerns and Risks 08:47  Skillsets and Desire 09:41 Estate Planning Concerns 10:34 Rolling Out the Transition 11:29  Importance of Preparation 12:28  Considering Employees 13:48  Internal Sale vs External Sale 14:17  Pros and Cons Recap 14:40  Key Takeaways 15:06  Closing Remarks   Takeaways

• Consider the goals you want to achieve from exiting the business.
• Evaluate if there is someone with the skills and desire to take over the business.
• Understand the potential benefits and drawbacks of an internal sale.
• Plan for estate planning concerns and potential conflicts within the family or among employees.
• Prepare for the transition and seek guidance from experts.

 

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