"What Happens to My Certifications If I Sell or Exit My Business?"
You must consider several factors to maintain WBE, WOSB and other diversity certifications when there is a change of ownership in your company.
There are multitudes of federal, local government and private sector diversity certifications available to business owners that can help to maximize revenue sources. Because obtaining these WBE, DBE, MBE, WOSB, 8(a) and/or veteran-owned business certifications can be a monumental task, the last thing you want to do is compromise them. However, any corporate changes can do just that.
There are numerous situations in which a change in ownership of a business can occur. You may want to infuse additional capital into your company in order to add services or a product line to increase sales. You may want to retire or go in a new direction. Or, you may just want to sell outright. In yet another scenario, you may be considering the purchase of an existing WBE, DBE, MBE or veteran firm.
It is important to understand that any ownership change will trigger a possible certification suspension or de-certification, even if you believe that such ownership changes are insignificant.
Click here to read the entire article in Thinking Bigger Business.
There are multitudes of federal, local government and private sector diversity certifications available to business owners that can help to maximize revenue sources. Because obtaining these WBE, DBE, MBE, WOSB, 8(a) and/or veteran-owned business certifications can be a monumental task, the last thing you want to do is compromise them. However, any corporate changes can do just that.
There are numerous situations in which a change in ownership of a business can occur. You may want to infuse additional capital into your company in order to add services or a product line to increase sales. You may want to retire or go in a new direction. Or, you may just want to sell outright. In yet another scenario, you may be considering the purchase of an existing WBE, DBE, MBE or veteran firm.
It is important to understand that any ownership change will trigger a possible certification suspension or de-certification, even if you believe that such ownership changes are insignificant.
Click here to read the entire article in Thinking Bigger Business.
