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Preparing for the Transition Milestone
The final milestone stage for a business owner is the Transition Stage. This stage demands that most planning by you as a business owner. It is also the stage that not only has the greatest potential impact on you as the owner, but also your family. The process of preparing for the Transition Stage and the possible impact a transition could have on your family can be overwhelming, that is why it is important to start the planning process well before you decide to sell. This gives you confidence in understanding what your transition strategy, options, and outcome will be before that time comes.
What most business owners do not realize is the timing of your exit is out of your control. If that is the case, not having a transition strategy mapped out ahead of an untimely exit could mean the difference between being able to sell your business or not. As an owner you want to have control over when you want to sell and how you want to sell. Sometimes, life’s circumstances don’t allow you to control the “when”. The top five circumstances are called “The 5Ds”:
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