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Handing your Business Over to your Child

Are you considering retiring? Have you fulfilled your dream of successfully running a business and now you’re ready to take a step back? While it may be daunting trying to figure out the best way to go about it, passing over your business to your child can be rewarding. Not only can you guide them through the process, but it will still feel like the business you built remains intact. In addition to ensuring your child is well informed and up to date on the required Laundromat Insurance Program, consider the following when handing your business over to your kin.

First and foremost, ensure your child understands how much of a commitment it is to run a laundromat business. It’s a 7 day-a-week job and learning the ropes is essential to making it function properly. Next, figure out some sort of payment plan that works for your budget. This way, they understand that it is not being handed to them for free, but rather they are earning their new title as owner.

Next, discuss finances with your child. Financial restraint and knowledge is critical when handing over a business to someone. If he or she has demonstrated their ability to be fiscally responsible, then chances are they can run the business in your absence.

A full disclosure conversation should be had with your child prior to handing over the keys. Be certain they are committed, responsible, capable, and willing to make the business thrive. Further, ensure he or she understands the repercussions of not making payments to you in time and how that will affect your livelihood.

Lastly, according to American Coin-Op, draw up and sign an agreement; nothing fancy—one or two pages will do that states the terms of the transfer, with the proviso that the seller can take over the business when the buyer misses a month of payments (or whatever you both decide on).

At Irving Weber Associates, we have a unique understanding of the Laundromat business. Our specialty programs offer protection to financially secure your business in the best way possible to ensure your success. For more information, contact our experts today at (855) 764-7406.