Every privately held business is different and so is every business owner. Regardless, a transition is one milestone every owner will eventually approach. Mapping out your plan in advance can help your business not only survive, but also potentially thrive with an investment return.
Here are some key considerations to help effectively transition your business.
There are two main takeaways as you begin your planning process:
Following are strategic, financial, tax, and owner and stakeholder considerations to assess before, during, and after your transition process.
You can also view or download a PDF version of the above checklist.
Although it’s ideal to plan years in advance for transition, life and business environments can be unpredictable. You can’t always see into the future, so your transition plan should be able to evolve and be somewhat flexible.
It’s never too early to plan, whether you want to transition in five or 10 years. There’s a great deal of value, both personal and business related, that can be derived from the groundwork to help secure a clearer future.
For additional insight and next steps on the planning process and strategies for your particular situation, read our article or contact your Moss Adams professional.