Selling, Retiring, or Passing It On? Your Business Needs a Legal Exit Plan

✍️ By Debbie Balfour | WBN News | July 5, 2025 | Click HERE for your FREE Subscription to WBN News and/or to be a Contributor.

What happens to your business when you step away—or can’t show up anymore?
Whether you’re retiring, selling, or passing it to family, a legal exit plan is critical. Yet, many Canadian and U.S. small business owners delay this process, leaving their legacy at risk.

You’ve spent years building something valuable. Don’t let poor planning reduce that to confusion, conflict, or lost income.

Here’s what your exit strategy should include:

1. Business Valuation:
Know what your business is worth and how it will be assessed by buyers or beneficiaries.

2. Shareholder Agreements & Buy-Sell Clauses:
If you have partners, these legal documents define how shares are handled in a sale, death, or departure.

3. Succession Planning:
Will a family member, partner, or employee take over? Outline roles, training, and legal transfers in writing.

4. Tax & Estate Planning:
Consult with tax professionals and legal advisors to reduce liability and protect assets.

5. Clear Transition Timeline:
Plan when and how the transition will happen, and communicate it to key stakeholders.

Many business owners assume they’ll handle it “someday.” However, health issues, unexpected offers, or economic changes can force fast decisions. A legal exit strategy puts you in control, even when life doesn’t go as planned.

Affordable legal support is available to help small business owners draft succession documents, review sale agreements, and coordinate with accountants, all without high hourly fees.

You built your business with intention—don’t leave its future to chance. Plan your exit with the same clarity.

Have questions or not sure where to start? I’m here to help; reach out anytime.

Debbie Balfour | Real Estate Investing Success Coach + Podcast Host
📍 Website: https://dbalfour.legalshieldassociate.com/en-ca
📧 Email: Debbie@DebbieBalfour.com
🔗 LinkedIn: Debbie Balfour
▶️ YouTube Channel: youtube.com/@DebbieBalfour

TAGS: #Sell Your Business #Exit Strategy #Business Succession Planning #Small Business Legacy #Retire With A Plan #Legal Preparation For Exit #WBN News Global #WBN News Langley #WBN News Abbotsford #WBN News Okanagan #Debbie Balfour