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Your transition may be …

• you step back from being the operational manager and take a different role in developing the future of the business.
• you scale down to a part time role focusing in a key area and hand over the day to day running of the business to someone else
• you could begin to focus on an outright sale or merger or an orderly wind down.

I’m not sure I’m ready to transition out of my business.

How do I know when the time is right?

Transitioning out of your business is all about setting and reaching goals and focuses on answering questions such as

• Have you accomplished what you set out to do with your business?
• Do you have dreams of doing things other than running your current business?
• Would you prefer a part time role in your business?

Transition and succession planning begins with you, deciding what you would like to do and then planning the steps you need to be taking to achieve that.

One issue that many business owners forget is that ownership and management doesn’t have to be the same thing.

I know my business better than anyone else.  Why shouldn’t I handle the transition plan and process myself?

Obviously you do know your business … but can you view it from the eyes of an outsider, a potential investor or purchaser?

This can be a complex and personally challenging and emotional process.  It’s very difficult to do it alone and get it right.  If you wish to have an orderly exit with no sudden aftershocks then there are legal, accounting/tax and risk management issues that apply.

Do I need a transition team?

You will transition out of your business at some stage.

You really will need support in every area to help you get the most from your business. Some areas that need covering include planning, marketing, negotiating and communicating with a potential buyer … who could just walk away.

Systems and Processes

Regardless if the sale is to your staff, a transition to a family member or an outright sale or transition to a fellow partner, the business needs to have existing documented systems and processes in ordered systems

This is all about confidence building for you and those who you are handing over control of your business.

Remember now is the time to begin your transition plan, not next week, next month or next year