Plan your succession

Chances are you're focused on building your business, not the day you will leave it behind. But failing to plan for your transition out of your business can result in a messy succession process and lost value.

• Infographic—Business transition: Planning your succession
• Succession planning: Secrets of a smooth transition in a family business
• Why some businesses close down
• Planning a business succession: 5 reasons to start now
• Family successions: How to minimize the tax hit
• How to maximize your company’s value when planning to sell

One of the most important steps is knowing what exit options are available to you. Here are some of the most common exit strategies used today.

• Succession planning: 3 exit strategies for entrepreneurs
• Choosing the right exit strategy to get full value for your business
• Succession planning: 4 exit strategies when leaving the family business
• Management buyout: A common exit strategy when selling a business

Although unique to every business, a business transition consists of a series of basic steps, such as setting your financial goals, determining legal requirements and establishing your objectives.

• Family business succession planning: How to start the conversation
• How to execute a successful business transition
• How to minimize taxes when transferring shares in your corporation
• Selling your business? How to finance the transaction

Whether family or not, the keys to success are collaboration, openness, sharing of values and beliefs, and communication between the founders and a new generation of owners.

• From our blog—Are you ready for your kids to take over the family business?
• Separating business from family: How four sisters made a successful family business transition
• 6 essentials steps to effective succession planning
• Family successions: 5 tips for managing emotions and avoiding conflict
• 6 tips for grooming your successor