Exiting a Business
Oklahoma City Business Law Attorneys – (855) 973-8877
For many business owners or company executives, there will eventually come the day when it is more profitable or personally advantageous to exit their business. Simmons & Associates, PLLC and our business lawyers in Oklahoma City can help you discover the right way – and avoid the wrong ways – to exit your business. Our goal from the beginning is upholding your best interests while also reducing complications and increasing profitability when applicable.
Start talking business exit strategies with our team today by filling out an online contact form.
Common Ways to Exit a Business
Each business will be different from the next, but business owners of all types will find that there are a few commonly utilized strategies and business actions to exit a business. At our law firm, we like to sit down with our clients and get a full understanding of themselves, their objectives, and the state and conditions of their business. With all of this information gathered and all the variables reviewed, we can assist you in deciding what exit strategy would work best for your unique situation.
Three ways to make exiting your business easier or more profitable include:
- Stock sales: As a company executive of a publically traded corporation or business, you may hold a significant amount of stocks in the company, which also serves as a portion of your own financial value. To completely exit your business with a clean slate, you may wish to or be required to sell all of your stocks, either to more public investors or to other executives. You should speak with our Oklahoma business law attorneys before selling any stocks to ensure doing so does not violate any contracts or trade regulations. You can reach us at (855) 973-8877 for questions and concerns.
- Asset sales: Liquidizing a business may be the only way for you to fully exit it, especially in cases where the business is not profitable enough as it is to attract the attention of other entrepreneurs. Selling off assets, such as real estate property and equipment, may be a necessary step and a good way to bring in income at the tail end of your business.
- Mergers: An exciting yet complicated way to exit your business is to complete a merger with another company. Our Oklahoma City business attorneys can help you locate and negotiate with other corporations that may be interested in assuming responsibility of your company through a merger.
Thinking of the Future, Even as You Exit
Exiting your business does not mean you need to cut all ties and burn all bridges. On the contrary, many business owners who voluntarily exit or step away take great strides to ensure the company will continue to thrive after they have left to focus on other ventures or their retirement. With the business succession lawyers from our Oklahoma City business law firm, you can easily create a viable business succession plan that benefits you, your business, and those who assume control of it.
When considering business succession, we will want to ask:
- Who do you trust with your business today?
- Is that same person already named as your professional successor?
- What needs to be done now as if the changeover was happening tomorrow?
- Are you willing to help your successor after the changeover? If so, how long?
Intelligent Exit Strategies, Compassionate Legal Guidance – (855) 973-8877
Taking the time to officially exit your business should not feel like trying to get out of a tangled net. By retaining the services of our Oklahoma City business lawyers from Simmons & Associates, PLLC, you will put the task of exiting your business into capable, experienced hands and sound legal minds. Where there once could have been complication and frustration, we will work hard to deliver nothing but the best service and guidance.
Let us be the legal team that helps you exit a business. Contact us now for a consultation.
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