Spring/Summer 2015 | BWD 11
Transition & succession
planning delivered
Have you thought about your transition? If not, you’re
not alone. According to the Exit Planning Institute:
• Two-thirds of business owners of privately-held
businesses are not familiar with their exit options
• Eighty-three percent of them have no written
transition plan
• … and nearly half (49 percent) have done no
transition planning at all
That might change in the coming years as more baby boomers
look to move on to the next phase of their lives. Doing so requires
attention to, and investment in, transition and succession planning.
Start planning now to give yourself control over how and when
you transition, to maximize the value of your business, and to
promote your family legacy — we’re here to help:
• What’s your transition strategy? (page 12) features the
three key objectives behind every effective transition plan.
• Determining the real value of your business (page 14)
provides a broad overview of what goes into establishing
the true value of a business.
• Preparing the next generation (page 16) addresses the
issues facing a family member — or members — taking
over a business.
• Management after the sale (page 18) covers a critical
phase in the transition of a business — when new
management begins, and the expectations and changes
they bring with them.
• Critical aspects of selling your business (page 20) presents
a handy overview of essential legal aspects you’re likely to
encounter during the succession or transition process.
We hope the following pages help enhance your understanding of
effective transition and succession planning. Contact any of our
advisors to learn even more about this important stage in every
business’s life cycle.