Selling your business – Succession planning for a successful sale (Legal Road Map® Podcast S3E61)
Legal Road Map®: copyright, trademark and business law info for online entrepreneurs · Autumn Witt Boyd
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Show Notes
It's easy to want to check out when you're ready to sell your business, but making sure you have a team in place to help with a smooth transition is an essential part of the sale process.
In this episode I talk about important questions to ask and preparing your team for the sale of your business:
- Important things to consider when thinking about who will run the business after you sell
- Terms to have in writing if you plan to stay on after the sale to help with the transition
- Why you might be required to sign a non-compete agreement
- Making sure your trade secrets are protected by nondisclosure agreements
- The right time to let your key employees know about the sale of your business
- Making sure your employees and independent contractors are appropriately qualified before you sell
- What you need to know about your independent contractor contracts before you sell
Key takeaway: Making a break from your business can be a stressful process, but with the right people and protections in place, you can confidently move on to the next adventure.
Additional resources:
Contract templates: https://awbfirm.com/contract-templates/
Episode 12: https://www.awbfirm.com/podcast12
Episode 37: https://www.awbfirm.com/podcast37
This podcast is information, not legal advice specific to your situation.