There are several phrases to a successful transition process, each with its own set of considerations to plan out. This process can vary in time for every owner, but often takes many years to complete and so it is never too early to start planning – in fact it is never too early, but can be too late.

Regardless of which exit strategy you wish to pursue, you should begin by setting the goals and objectives of the transition. Next, you should consult with your family as well as your most trusted advisors and planners to discuss your desires as well as your goals for the transition process. Make some room in your plans for what you will be transitioning to. Once you feel comfortable about your decisions, it’s time to begin building your exit plan and communicating it to both your family, advisors and outside parties who may be impacted or interested in purchasing your business ownership. Once you feel you have a good, solid plan in place, it’s time to execute it. Now, depending on your chosen route, this stage can vary in the amount of time it can take. For example, some owners who wish to transition to the family may build this plan a few years in advance to also spell out entry requirements for the next generation, whether that be a certain level of educational achievement or professional experience. Once the plan has been executed and the exiting owner has transitioned out of the business and ownership, it’s time to turn their attention to the many opportunities that exist in your post-transition life.

In the conclusion of this unit, you can download the BFF/RBC white paper on Succeeding in Succession and explore the Business Succession Planning Questionnaire among other helpful information you will find that supports planning for the transition process.