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Dunn Lambert, LLC | Attorneys At Law

Comprehensive Legal Services For Businesses

In New Jersey And New York call
201-957-0874

Dunn Lambert, LLC | Attorneys At Law

Comprehensive Legal Services For Businesses

In New Jersey And New York call
201-957-0874

Dunn Lambert, LLC | Attorneys At Law

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Business Law Professionals

How may I prepare someone to take over my share of a business?

On Behalf of | Apr 18, 2022 | On behalf of The Business Divorce Institute |

If you wish to sell your stake in a New Jersey business, you may need to obtain consent from your partners. Chron.com notes that an existing partnership agreement may specify whether you must sell your ownership interest to another partner.

When your partners agree on your ownership sale, you may begin preparing your business for a suitable replacement. You may, for example, help your partners find someone with compatible skills and experiences. You could also train your successor to take over before you leave.

Finding someone who relates to the business and its remaining partners

To help your business continue operating, you may search for a successor who complements your remaining partners. You may, for example, choose someone who fits in with your partners’ dispositions and skillsets. After working with your associates, you may have acquired a great deal of insight into their habits and preferences. This could help you find an appropriate match.

As noted by Entrepreneur, building long-term relationships requires strong collaboration. Many partnerships flop because of weak relationships and a misaligned focus on the future. You may improve the transition by offering your successor insights into your partners’ mindset and shared objectives. By communicating to a successor what your business set out to do, your replacement could better understand how to meet the organization’s goals.

Training your successor and providing feedback

As you prepare to find and train a successor, you could remain focused on your partners’ needs and wants. Responding to your successor’s questions and providing feedback during his or her training could help bring about a smooth ownership transition.

By offering to search for and thoroughly vet your replacement, the remaining business partners may agree to your exit strategy. With the right type of training, you may leave the business with a successor who could help it reach shared long-term objectives.