October 17, 2008, 10:29 am
Handing over my business to an employee
Daphne, Matthews, NC
I was planning on closing my business when an employee comes out of the wood work and asked to take it over. Can it be handed over for pennies on the dollar since it was going to be closed out in the first place? The employee promised to help me move out unwanted inventory, give me the cash to cover my current loans on the books, and then take it over. Can that be done without a cash hand out?
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yes that is fine, however, i think your employee must have seen something in your company which he thinks he can operate it in a healthy operation.
the fact that he is your employee already implies that he knows the business for sure… go ahead, make a good deal or maybe leave a little share.. good luck!