Should I stay or should I go?
Planning for the transition of your business does not necessarily mean putting yourself out of a job. Perhaps you enjoy what you do and you can’t foresee a day when you are no longer involved to some degree in the business. Realizing this from the outset can save you a great deal of heartache in the future – especially if you build this into your plan.
Oftentimes, as a former owner, you can play a very important role even after the business has transitioned to a new owner, and this can be of benefit to you, as well. While you were the owner and operator, your attention was divided several different ways, but having sold, you may have more time to focus on ideas that piqued your interest throughout your career. There may be a multitude of special projects, untapped markets or potential product lines that are of interest to you, which time hadn’t allowed you to explore previously.
“As a former owner, you can play a very important role even after the business has transitioned to a new owner.”
If the transition of your business is planned in an organized manner, such projects may provide you with the perfect consultative role to play in the ‘new’ company. After all, your knowledge, insights and understanding of the existing business can be viewed as extremely valuable to any purchaser.
Conversely, staying on as a ‘consultant’ to the business might not hold any allure for you. The beaches down south or the cottage up north may be calling your name – and you want to answer that call. You may have an ideal retirement date in mind at which point you would like to call it quits for good. What is key here is identifying this in advance, in order to ensure the smooth transition process that you desire when you are ready to do so.
How we can help you
When we say our approach is holistic, we mean it. It’s centered around you. Not just your company; not only your legacy, you. We advise business owners and their families both personally and professionally. Our professionals, (from wealth management, valuations, taxation and estates, to various other service lines) work collaboratively to provide advice that makes the most sense for you and your objectives – because we know that your work affects your personal life, and vice versa – they are of equal importance. Through early, comprehensive planning, our professionals assess every situation and present options to help you make informed, strategic decisions to make the most out of your unique situation.
Read more articles on business succession planning: