What Plans Should Be Made For What Happens To The Business After An Owner's Death?
If The Business Is To Be Sold Or Liquidated
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If you decide that the business should be sold or liquidated after your demise, or if future management is not available, and there is no buyer, then the business must be liquidated.
If a liquidation will happen after your demise:
- Who is the best person to handle the liquidation? There are consultants who specialize in liquidations. Interview several of them. Check references from people who have used their services. Double check the extent to which the liquidators put their interests ahead of your own.
- Prepare guidance for the liquidator. After all, who knows the business and how to maximize the value of your assets better than you?
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Consider whether cash will be needed to offset the difference between the business' going-concern value and its auction-block liquidation value? Where will the cash come from?
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