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Why defining freedom is important for business owners

Business owners in North Carolina and elsewhere typically cite freedom as a main reason for starting their companies. However, freedom can mean a variety of different things to different people. It is critical that those who start a business define what freedom means to them as it may shape the evolution of their company. It could influence everything from how the business is organized to how it operates and whether it eventually goes on the market.

Even if a business owner isn't looking to sell the business, making improvements is still worthwhile. In fact, it could help an individual get closer toward their version of freedom. For some, that means being able to work from home, work closer to home or simply spend less time on the job. For others, freedom means the ability to make more money or the ability to stabilize their income.

As a general rule, companies that have owners who prioritize time over money may be easier to sell. This is because they generally don't rely on the owner to maintain their success on a day-to-day basis. If an owner passes or becomes disabled, it may not disrupt how the company generates revenue or otherwise impact its ability to be successful. Regardless, knowing what freedom means to an owner may make it easier to create a company that meets an owner's goal.

Selling a company or business assets may be more complex than other types of sales. Selling company assets may trigger taxable events or otherwise impact an individual's estate plan. It may be worthwhile to consult with an attorney prior to completing the sale. This may make it easier to craft an agreement that is in the best interests of the seller.

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Why defining freedom is important for business owners | Britton Law, P.A.