Succession is enviable, a business owner can either plan for or it will plan for them. In a recent study, only 40% of business owners were found to have a transition plan in place. This is quite remarkable considering the vast amount of business owners are baby boomers, and are getting to that stage in life that won’t be able to keep the pace that owning a business requires. Further, one who plans for their transition will have not only an easier time in the next phase of life, they will have planned to meet their personal goals, as well as hopefully a legacy transition in keeping the business (that they worked so hard for) going if that’s the strategy they chose.
In our seminar, The Enterprise Transition Plan – A Strategic Approach to Successful Business Exits – we discuss a three-part process of planning for transition: Situation Assessment, Review and Selection, and Plan and Implementation. The information provided is based on best practices worldwide in transitioning a very important asset and achieving a successful business transition. It isn’t easy, and does require a lot of work, but it is strategic as starting or growing the business in the first place..
Call Vern today to learn more about the 3-stage transition plan.