Small Business Succession Planning

Small Business Succession Planning
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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 business doesn’t have to be so complicated. At The Transition Strategists, we have been helping business owners successfully pass their businesses on to successors for more than 20 years. We help many of our clients with small business succession planning. Keep reading to learn more.

Starting your Small Business Succession Journey

One of the most important things we remind our clients is that you are in charge! This is your journey and privilege to transition your successful business to new ownership. It is also the moment that will enable you to embark on your next big adventure. Whether that’s retirement, a move, or another business venture, remember that this is about the future. It’s not just leaving your business — it’s starting your next adventure.

Adopting the mindset that you are in charge of an opportunity can make all the difference. If you feel like you’ve lost control of the transition or like it has become a burden, let us help you with our Transition Roadmap Developer Process™. 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 you spend the process focused on the business’s bottom line, you could end up with an unhappy or even unsuccessful transition.

The Transition Roadmap Developer Process™

The important thing to remember about small business succession planning is that this is truly a process. Eventually, you will have a decision (i.e., a successor), but it’s not as simple as making one decision. Instead, it’s several small 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? These and many other early questions are crucial to your success in transitioning your business to a new owner. Once you’ve answered these and other questions, you’ve established your direction or the rules of the road. Then you can move on to your vision, timeline, and, ultimately, action.

Small business succession planning is a major undertaking. You don’t have to go through this alone and unguided. Instead, let the experts at The Transition Strategists take you through our established and proven Transition Roadmap Developer Process™. Together, you’ll 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.