Are you starting to think about retirement but don’t know how to transition your business to a new owner? Don’t let the HBO series Succession scare you: Finding a successor for your private business doesn’t have to be so complicated. At The Transition Strategists, we have been helping business owners successfully pass their private businesses to successors for more than 20 years. We help many owners with business succession planning. Keep reading about private business succession planning to learn more.
Starting your Private Business Succession Journey
One of the most important things for owners is: You are in charge! This is your journey and privilege to transition your successful business to new ownership. It is also your opportunity to embark on your next big adventure whether that’s retirement or another business venture. It’s not just leaving your business — it’s starting your Next Adventure
If you feel you’ve lost control of your transition or it has become a burden, let’s talk about our Transition Roadmap Developer™. This process is based on a set of principles that puts you and your relationships first. Obviously, you want what’s best for your business, but if only focused on your company’s bottom line, you could end up with an unhappy or even unsuccessful transition.
The Transition Roadmap™
Private business succession planning should be organized in a way to prioritize objectives and align your choices with your values. It’s series of decisions: Who are you prioritizing in your transition?. What is driving the decision to pass down your business to a successor?. Is your business ready for a transition in ownership?. Your answers to these and other questions chart the path to a successful transition of your business to a new owner. Then you can move on to your vision, timeline, and, ultimately, action.
Private business succession planning is a major undertaking. You don’t have to go through alone and unguided. Instead, let the experts at The Transition Strategists guide you through our established and proven Transition Roadmap Developer™. We’ll help you establish the rules of the road, set the points on your compass, build your transition roadmap, and — once that’s all done — enjoy the journey. There’s no need to avoid retirement and succession planning. Call us today for a complimentary consultation.
Elizabeth Ledoux is a co-author of the award-winning It’s A Journey: The MUST-HAVE Roadmap to Successful Succession Planning, as well as Accelerate Your Entrepreneurial Flight and Understanding the Growth of the Entrepreneur. She frequently speaks to organizations and business owners about challenges and opportunities in private and family business transitions, business and individual growth, and the business succession journey.