Article
How to navigate transition planning: Strategies for you and your business
Feb. 4, 2021 · Authored by Mark Steranka, Luc Arsenault
Every privately held business is different and so is every business owner. Regardless, a transition is one milestone every owner will eventually approach. Mapping out your plan in advance can help your business not only survive, but also potentially thrive with an investment return.
Here are some key considerations to help effectively transition your business.
The importance of planning
There are two main takeaways as you begin your planning process:
- Start early. Great planning can empower you to build a lasting legacy. It should be comprehensive, considering the needs of the business, owners, and family.
- Be flexible. Things change. With the luxury of time, you can make adjustments to your business and personal finances as you go.
Following are strategic, financial, tax, and owner and stakeholder considerations to assess before, during, and after your transition process.
Planning process and strategies
You can also view or download a PDF version of the above checklist.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.