If you are thinking about selling a business due to divorce in Gwinnett County, ask yourself these questions first.
- Has my small business been properly evaluated by a team of experts?
- Is my business the type of venture that can be sold to another party?
- Are there better options than selling my business that can help me keep my livelihood?
- What other options do I have to save my business during my divorce?
Selling a business due to a divorce in Gwinnett County is not a step you should take without careful consideration and planning. Every business is different, and depending on the nature of your company and the nuances of your divorce, there may be better options such as transferring or dividing your business in divorce.
The Three Main Options in a Divorce: Transferring, Dividing, or Selling a Business
When a small business owner is facing a divorce, he or she typically has three main options: transfer, divide or sell. Transferring a business due to a divorce is an option when one spouse wants nothing to do with their share of the company, and gives it up as part of the final property settlement, or losses it as the result of a trial. Dividing a business in divorce is yet another option with both pros and cons, depending on the nature of your business. Selling a business due to a divorce can make dividing the business’s liquidated assets much easier during marital property division, but it also means you lose control of your business.
The short answer is, there is no single answer for all small business owners going through divorce. It takes the knowledge and experience of a trusted divorce attorney and a skilled team of business valuation specialists to determine the best course of action for your small business.
Thinking About Keeping Your Business With Your Ex? Don’t Make That Mistake!
Divorce attorney David Ward has seen many business owners in Gwinnett County attempt to continue to run their business with their ex-spouse after a divorce, and usually with disastrous results. “When neither spouse wants to walk away from the business, they try to continue to run the company together and that can become a big problem,” he says. “Especially in businesses with other employees, ex-spouses start trying to get the employees on their side and it can force those employees to take sides.”
Very few businesses continue to survive when the owners are turning their workforce against each other, which is why our practice is dedicated to helping put an end to businesses getting ruined by divorce.
Don’t Let Your Business Become a Battleground: Take Care of it the Right Way
Before you turn your employees against each other or unnecessarily sell, divide, or transfer your small business, let us assess your case. Some businesses are best to sell before a divorce, others will serve you better when transferred or divided. It all comes down to looking at the business’s value, the nature of its operations, the tangible and intangible assets, and what each spouse wants out of the business – if anything.
Attorney David Ward helps small business owners avoid losses and find the best possible outcome when going through a divorce. Call 770-383-1973 or fill out our contact form to request an appointment. Your business, your employees, and even maybe your spouse will thank you for putting your business’s best interests first.