"DALLAS — Cynthia Pharr Lee is not ready to retire anytime soon. But when the time is right, Pharr Lee has an exit plan in place to ensure her public relations business will be in the right hands. Pharr Lee identified a “young superstar” employee and put her on a partner track to take over Dallas-based C. Pharr & Co.
“This plan gives more flexibility and freedom,” said Pharr Lee, 64. “It lets me have the kind of business that we prefer to have.”
Exit planning has always been a vital part of running a small business. Careful planning can ensure business continuity as well as a level of financial security for exiting owners.
Succession plans take many forms. Deals can be everything from selling to a third party to transferring ownership to a relative to establishing an employee stock ownership plan, or ESOP."
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Baby boomers planning exit strategies from their businesses - SentinelSource.com: Home:
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