Quote:
Originally posted by berettafan
my experience is as a CPA working with smaller clients (bsns valued in the area of $50k to $3m or so) but i find the above advice to be absolutely spot on.
while there are exceptions (ie stupid buyers) to this i believe your best value is to find somebody who will get excited about your business and wants to come on as a manager (w/ maybe combo of % of profit) over a period of time while you stay on via phone/fax/email as an adviser. the promise from the start is that your new guy will eventually have an opportunity to buy you out for $$xx (maybe 1x's yrly profit? nothing too greedy) at no later than xxx date. YOU retain the right to fire the guy if he doesn't run the bsns right. Kinda like a rent-to-own.
you are looking for the guy that is fired up to do whatever work you do but doesn't have QUITE the level of entrepreneurial spirit it takes to start it all from scratch.
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+1
It's a bit risky training your replacement who will buy you out. They can take what they've learned and walk away before the deal is done, but I don't see a better solution.
[You could set up a sort of modified ESOP plan with a vesting period to cover the transition period]
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