Chances are pretty good that your departure from the business will be accomplished in phases. It’s often a big help to selling a business if the former owner is willing to stay around in a defined capacity while the new owner acquires an in-depth knowledge of all the systems and processes. This can also help you make a gradual adjustment if you’re retiring or planning a ‘holiday’ from owning a business for a time.
Always keep in mind that circumstances can change. You might find that you want to sell out well before you’d intended, or even that you want to stay on for a longer period than you anticipated. Just remember to always keep the business ready for sale with the books up to date and an accurate valuation possible.
Whatever your plans may be, exiting a business doesn’t have to be a trying or negative experience. Succession planning is simply a part of making progress to an eventual goal or a way to take advantage of new opportunities. Being prepared with a sound exit strategy means you can enjoy your business ownership secure in the knowledge that you’ll be able to leave when you’re ready, not because you have to.
