Why would I transfer the business to insiders?
Minneapolis attorney Sally Grossman discusses why a business owner would want to transfer the business to insiders.
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A business owner might choose to transfer the business to an insider if, either, the children aren’t ready or aren’t interested. Though, lots of times, these days, kids just don’t want to be in the family business anymore. So, mom or dad think, ‘we have this great opportunity here’, and the kids say, “You know, I’m not interested.” So, that would be one option. If there aren’t outside buyers available, or perhaps you want to sell your business, but there’s nobody who’s really interested in buying your business, you may eventually have to look around at other kinds of buyers and insiders. For example, your management team might be a possible purchaser.