Blog

Three Ways Owners Know It’s Time to Start Planning a Business Transition business woman at computer

Three Ways Owners Know It’s Time to Start Planning a Business Transition

Having worked with hundreds of business owners for over 30 years and being one myself, I recognize the signs that tell owners that it’s time to begin planning a business transition. Please note that these signals don’t indicate that it’s time to transition out of your company. Rather, they are signs that it’s time to begin planning your transition journey. There are several signs, of course, and in this article, we’ll look at the most common three ways owners know it’s time to start planning a business transition. 1. A

Read More »
Three Ways Owners Know It’s Time to Start Planning a Business Transition - The transition strategists - clock

“Time passes whether I stand still or move.”

“Time passes whether I stand still or move.” Anne Barngrover Poet and author When I read “Time passes whether I stand still or move,” I thought about the owners who were running their companies in 2008 and have the battle scars to prove it. Sometimes and unfortunately, however, scars can prevent them from sensing the three shifts (see my last post) that tell them it’s time to start planning their journeys out of their companies. They are: A slight shift in their feelings. A desire to do something different. A

Read More »
A Business Succession Plan is Your Best Retirement Plan - Transition Strategist - business owner at computer

A Business Succession Plan is Your Best Retirement Plan

Have you crunched the numbers for the next phase of your life? When asked about our plans for retirement, most of us jump right into a financial discussion. We think of tax-advantaged saving mechanisms and managing and building the value of our financial assets and businesses. These are all great ways for business owners to prepare for a financially secure retirement, yet financial security is only one element of a meaningful and happy retirement. As a business transition specialist, I know that a business transition is not truly successful unless

Read More »
How Transition Planning Can Help You Envision a Fulfilling Life Outside Your Company Charting the Unknown - The Transition Strategists

How Transition Planning Can Help You Envision a Fulfilling Life Outside Your Company – Charting the Unknown

As a transition strategist, I know how transition planning can help you envision a fulfilling life outside your company, but when I ask owners why they haven’t yet created a plan to transition their companies to successors, answers vary. I’m too young to think about leaving. I can’t imagine doing anything more, or as, meaningful as running my business. I’m having too much fun to think about doing anything else. I’m too busy running my company to think about a transition. The economy is too uncertain right now. Someday, I

Read More »
The effect of business taxes The Transition Strategists

The Effect of Federal Estate Taxes on Business Transitions

There are many factors—both financial and personal—to consider when crafting a business transition. Among the financial factors is taxation, and one element of taxation that few owners have had to consider since 2018 is the effect of federal estate taxes on business transitions. Currently estates of less than $12.92 million (or $25.84 million for a married couple) pay no federal taxes. As of January 1, 2026, however, and unless Congress acts, the exemption level falls to approximately $5 million, as adjusted for inflation. Double that for married couples.[1] The value

Read More »
Today: A good time to begin transition planning? Picture of an African American company founder, CEO, coaching an employee.

Today: A good time to begin transition planning?

Business owners frequently ask us whether this is a good time to begin transition planning. Especially in uncertain times, we hear this question a lot. (I wrote about Planning a Business Transition During a Recession in April of 2023.) Owners are naturally concerned about transitioning their companies to family members, business partners, or employees in a time of economic uncertainty. While they are confident in their own ability to steer their companies through tough times, they worry about whether their successors are up to the difficult task and certainly don’t

Read More »
The transition strategists Expectations in Family Business Transitions- father and son

Expectations in Family Business Transitions

A quote commonly attributed to William Shakespeare applies in nearly every relationship but always reminds me of a common pitfall in family business transitions:  Expectation is the root of all heartache. Expectations in family business transitions are especially toxic because they can damage or destroy the irreplaceable relationships between parents and children. We all bring expectations into the workplace and parents and children in family businesses are no exception. Children often come into a business thinking they know more than they do and expecting to be successful because they’ve heard

Read More »
The Transition STrategists - planning a business succession during a recession - businessman at computer

Planning a Business Transition During a Recession

According to the Conference Board, there is a 99% probability of recession within the next 12 months.[1]  That expectation raises a question for owners who are thinking about (or are already working on) the transition of their companies to successors: Should you be planning a business transition during a recession? Should you forge ahead or hit the pause button? Entrepreneurs, wealth creators and transition strategists are not pessimists by nature. Instead, we are nimble problem-solvers who, through a combination of hard work and creative thinking, create better futures for ourselves,

Read More »
Succession Planning is in the Eye of the Beholder The transition Strategists senior leader

Succession Planning is in the Eye of the Beholder

In early 2023, the Colorado Chamber of Commerce released the Colorado Competitive Landscape Report: 2022 Sentiment and 2023 Outlook. In it, CEOs of public, private and non-profit organizations shared their thoughts about workforce challenges, Colorado’s business climate, their operations / strategic plans and what 2023 might bring. Succession Planning is in the Eye of the Beholder As a business transition guide, one of the findings that interested me was that most companies include “succession planning” in their strategic plans, yet their approach to planning varied dramatically. “One respondent reported having a

Read More »