It will take years to transition your business to the next generation or to prepare it and yourself for sale. When owners finally act on their exit plan, more years have passed. Meanwhile, the people involved are aging and getting closer to their next transition.

Business owners who are committed to a transition/ succession plan often want to give back and leave a legacy. When they take the time to think more broadly and long term about what’s next, the idea of giving something of enduring value — beyond their business — is important to them and to their family.

What’s the first step? There are ways to start planning for that right now.

First, seek out other business owners at networking events and peer-to-peer groups in order to begin a quality dialogue about transition steps.

Second, take time away from the business — it need to be a profitable concern that runs without you. It must have responsible managers who are capable of running it for at least short period of time. Use this time think about life without the business and what it means to you. Think broadly about what this change means to your family and employees.

Finally, gather input from trusted advisers to the business, such as financial planners, tax experts and exit planning advisers.

There’s more clarity and freedom when a person can look at the future phase of life by planning ahead. What business owners need now more than ever is a vision of the best paths for both themselves and their businesses.

Don’t delay — start thinking and talking about your exit planning options in a proactive, systematic manner without rushing to the market with a business that’s not ready for sale.

Indecision or putting off succession planning is a high risk decision. A major risk of delayed your exit planning is the potential loss of talented people. Without the clarity of a long-range vision or expressed potential in future opportunities, the good people may think they have no reason to stick around. Or they may be lured away by a job that appears better, without knowing the opportunities of their current position to someday move up or own the company.

What’s more, it takes years to develop people for higher responsibilities, and not every employee is going to work out. Business owners need multiple candidates over multiple years in order to see who is best suited as successor. This can be further complicated if family members are involved.

Another risk of putting off succession planning is that financing the sale of a business takes more time that you might think. Instead of one year to prepare a business for sale, two or three years could be required. Few transactions will be funded with cash and conventional loans, so more will require financing by the seller.

Businesses that go up for sale today may have terms such as 10-year amortization and mid-term balloon. The result is a longer payout time for the sale.

The seller-financing issue leads to a third risk: a longer time to feel financially secure enough to retire. This is a delay that affects lifestyle choices and can be affected by health and other aging problems. A formal succession/ exit plan will provide the guidance to successfully transition your business.

 Lately I’ve seen business owners who remind me of deer in the headlights. They are frozen by the unknown. They are frozen by the fear of the unknown. Business owners are stuck in these uncertain times due to uneasiness and, for some, a deep, gut-level fear. The combination of negative influences in the economy has triggered a series of emotionally based decisions by many otherwise rational, intelligent leaders.

Unfortunately, these decisions will not sustain business momentum and will further delay many owners’ exits. That’s a double whammy for baby boomer owners seeking to retire in the coming years.

Small, privately held businesses can be susceptible to owners’ abrupt, nervous reactions in the marketplace, in addition to the inaction of owners taking a passive position. You’ve probably heard more than one business owner say, “We’re not making any new investments right now.” Others are saying, “I’ll just wait until next year for doing my exit planning.” Let me be clear, we consider F.E.A.R. to be False Expectations Appearing Real and so should you.

When it comes to succession planning, though, the risks are always higher when a decision is deferred. That’s true in good times and uncertain ones.

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.