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What to Do About Your Business

April 13, 2006

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The question of what to do about your business comes down to two main choices:

• Transfer the business to heirs, or
• Sell the business (and/or its assets) to employees, competitors, or others.

Unless, during your lifetime, you have made a workable plan to keep the business in the family after your death, or to sell it as a going concern, it is extremely unlikely that your executor or other estate representative will be able to do anything other than liquidate it — usually on unfavorable terms.

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