What is Business Succession Planning?

What is Business Succession Planning?
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Searching, “What is business succession planning?” Maybe you heard the term from a family member, friend, colleague, or at a conference. The concept — business succession — is simple enough, but how do you plan for something like that? We’re glad your search has brought you here. At The Transition Strategists, we’ve been helping clients make business transitions for over 20 years, and we’re proud of our 100% success rate. That’s right, 100% success in helping owners leave their businesses in the hands of a capable successor. How? Let us break it down for you.

What is Business Succession Planning?

Business succession planning is the process of preparing to pass on one’s business to a new owner. While many people begin business succession planning around retirement age, we believe it’s never too soon to start business succession planning. Most importantly, beginning this process will help shift your mindset. The succession itself will take place when you’re ready to start your Next AdventureTM — whether that’s retirement, a career change, adjusting to your family’s needs, or something else.

In the meantime, when you begin planning for succession, you prepare yourself to one day pass along your business. That can be shortly down the road or several years down the road. The important thing is to acknowledge that you have built or stewarded a successful business that is now or someday will be ready for a new owner. That is a unique privilege.

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 the company. That’s where The Transition Strategists come in. We’ve pioneered a process to walk you through this journey called The Transition Roadmap Developer ProcessTM. That process is the key to your success. Remember that 100% success rate we mentioned earlier? This is how it’s accomplished. 100% of our clients who complete The Transition Roadmap Developer ProcessTM have transferred their business to new owners successfully.

How do we do it? Our process is unlike others in that we don’t avoid your emotional and material needs as an owner. Instead, we recognize that it’s crucial to meet both needs in a business transition. If you only focus on your material business needs or the company’s bottom line, you might cause some damage to your relationships along the way. Instead, if you only prioritize your emotional needs and make a decision solely based on feelings, you could end up with a bad financial deal. What you need is a process that takes into account your emotional needs (your relationships and your future) as well as the material needs (stable financial situation). That’s exactly what Transition Roadmap Developer ProcessTM can help you accomplish.

Are you ready to start thinking about your future and the future of your business? You can move past asking, “What is business succession planning?” to “How can I start planning for a successful business transition?” You can trust the experts at The Transition Strategists to help you with strategic and empathetic guidance. Contact us today to get started.