Business Transition planning isn't just about leaving your business. It is about building, harvesting, and preserving family wealth for generations to come.
Many business owners recognize that their largest financial asset is their business. Figuring out how to transfer that value to create a win-win is not an easy task. And one that is often put off until another day. The reality is everyday you are making decisions that will impact how and when you transition your business.
By focusing the on what you can do now to increase the value of your business, you put yourself in the driver's seat so that the timing of this transition becomes irrelevant.
When you incorporate your personal, business and financial goals into one cohesive strategy you will create value that is truly transferable, allowing you to exit on your own terms and timeline.
Preparing your business to continue after you’ve moved on is a process that begins long before your last day of work. Even if you have a clear successor in mind — a family member or trusted employee who is keen to take over — you’ll have to make sure that they understand your business as thoroughly as you do and that your business is ready to be passed on.
One key step is making sure that your business has a well-designed, written plan; committing your ideas to paper can force you to articulate things you’ve been doing instinctually. Another is making sure you’re adequately transferring risk — if you cannot work for as long as you’d planned — to keep the lights on until your successor is ready. And always make sure that you have an impartial business valuation.
That way, you can rest, relax, and enjoy the rest of your golden years - your business will be in good hands.