Thinking of Retiring?

If retirement is on the horizon, you may wonder what happens to your license. You’ve invested your life building your company; it would be a shame to just close it down. What are your options?

1)      A sole ownership can be transferred to an immediate family member with the possibility of waiving the exams. Or, you can transfer your license to a corporation and sell it, but this can get complicated. Call us to discuss your options.

2)      A corporation or LLC can be transferred to any responsible officer, manager or member who has been listed on the license for at least five (5) years without examinations. If handled correctly, there will be no interruptions with the day-to-day operations.

3)      A corporation or LLC can be sold via a stock sale so the buyer benefits from the established license history. The buyer may retain a supervising employee who has been with the seller’s company for at least (5) years to replace the current qualifying officer (usually the retiring seller) without examination.

4)      Partnerships are limited in what they can do. Once a partner removes themselves from the license, the Contractors Board will cancel the license. Before retiring, allow your other general partners to waive the exams and get their own license to continue serving the existing clientele.