“There are a number of options open to plan for the succession of a business. The controlling shareholder
may be bought out over time – this can involve the controlling shareholder’s replacement by either a single
replacement shareholder or a broader ownership group if no single replacement option exists. Another common
route is the sale of the entire business (whether by sale of shares or assets) to a competitor or a complementary business. A similar alternative is to merge with a competitor or complementary business. Finally,
depending on its size, taking a company public (by way of initial public offering or reverse takeover) can be an attractive option, though it does involve giving up the advantages of being a privately held company.”

FMC Law: Succession Planning Guide