Exit Strategies for Hawaii Business Owners

Many business owners in Hawaii have not developed a plan for business succession. However, in the event of retirement or death, it is important to have a strategy in place to protect your interests and those of your family.

Whether you want to transfer your business to your family, sell to the highest bidder or go public, the business succession attorneys at the Law Offices of Reuben S. F. Wong can help you achieve your goals.

To arrange a free consultation, contact our offices today. We advise and represent business owners in Honolulu and across the Island of O'ahu.

Business Succession Planning

Every succession plan is different, and we can help you develop a strategy that matches your specific situation.

Our lawyers can assist in coordinating and implementing all of the moving parts of a successful exit strategy, including:

  • Business valuation
  • Tax planning
  • Selecting an appropriate retirement plan
  • Options for disability and life insurance
  • Safeguarding intellectual property
  • Choosing a successor
  • Transfer of ownership
  • Sale of assets

Transferring Ownership

There are multiple options for transferring ownership of a business to another person or entity. Depending on your goals, the type of business you have, and the tax implications, your options may include:

  • Selling the business outright: This will result in the immediate transfer of ownership, and you will receive payment for assets immediately.
  • Gradually selling the business: This can allow you to step away from the business while still receiving monthly income from the sale.
  • Transferring rights to the business through a lease agreement: This involves creating a contract that temporarily transfers ownership to another party. The contract should also detail the payments you will receive for transferring temporary rights to the business.

Specific considerations are involved when transferring ownership of different types of businesses. Additionally, all gift and estate tax implications should be considered before transferring ownership to a family member. Whether your business is a sole proprietorship, a partnership, an LLC or a corporation, it is important to speak with an experienced business and estate planning lawyer about your full range of options.

Contact Our Firm

To schedule a free consultation with a business succession attorney at the Law Offices of Reuben S. F. Wong, call us locally at 808-531-3526 or toll free at 888-567-4597, or contact us online.

Evening and weekend appointments are available by appointment. Mandarin, Chinese and Cantonese language services are also available.