What is Business Succession Planning?

Ownership Strategy - Transition Strategy - Business Succession Planning
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Maybe an online search has brought you here. Maybe you heard the term business succession planning from a family member, friend, colleague, or at a conference. We’re glad you found us! At The Transition Strategists, we’ve been crafting business transitions for over 20 years, and we’re proud of our 100% success rate. That’s right, 100% of our clients who have used our proprietary transition planning process have left their businesses in the hands of capable successors. How? Let us break it down for you.

What is Business Succession Planning?

Business succession planning is the process of preparing to pass a business to a new owner. While many people begin business succession planning as they near retirement age, we believe it’s never too soon to start. Beginning the planning before you are ready to initiate it gives you more options and increases your odds of success.  You decide when you’re ready to start your transition and Next Adventure.  Your adventure may be retirement, a career change, spending more time with your family or following a lifelong dream.

When you begin planning for succession, you prepare yourself and your business for a transition that can be around the corner or several years down the road. You have the same unique privilege as new owners who have founded or built successful companies.

Successful Business Transition to New Owner

After investing so much into your business, it’s natural that you want to ensure a successful transition and future for yourself and the company. That’s where The Transition Strategists come in. We’ve pioneered a process create your unique journey called The Transition Roadmap DeveloperTM. That process is responsible for that 100% success rate we mentioned earlier. This is how it’s accomplished. 100% of our clients who complete The Transition Roadmap DeveloperTM  have transferred their business to new owners capable of running their businesses successfully.

How do we do it? Our process is unlike others in that we value both your emotional and material needs as an owner. We recognize that it’s crucial to meet both in a business transition. If you  focus only on your material business needs or the company’s bottom line, you could damage your relationships. If you prioritize only your emotional needs and make decisions solely based on feelings, then you could end up with a less-than-ideal result. Transition Roadmap Developer TM takes into account your emotional needs (your relationships and your future) as well as your material needs (financial stability).

Now that you know what business succession planning is, are you ready to start thinking about your future and the future of your business?  You can trust the experts at The Transition Strategists to help you with strategic and empathetic guidance. Contact us today to get started.

Read our book: It’s A Journey – The MUST-HAVE Roadmap for Successful Succession Planning. Contact 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.

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