Are you ready to transition your business? At some point, every business owner will confront the fact that it’s time to selling the company to outsiders or transferring it to insiders.
While succession is always on the horizon, a majority of business owners are not only unaware of their company’s value, but they also have no plan in place to transition the company. Even fewer have devoted any time to thinking about what they want to accomplish in such a transfer and how they will measure success.
The results from Nationwide’s recent Small Business Survey confirmed three in five small businesses do not have any business succession plan.
The survey, which collected data from 502 U.S. business owners with fewer than 300 employees, revealed:
- 47% of business owners don’t believe succession plans are necessary
- 14% of business owners don’t want to give up their life’s work
- 11% of business owners are unsure of the best time to create a succession plan
Other reasons for not having any succession plan in place included not having time to develop a timeline, being overwhelmed with government regulations or not knowing who to work with in creating the plan.
Fortunately, Legacy Business Advisors Mid-Atlantic is here to rescue business owners from entering a transition period without objectives, timelines and expectations. Our advisors know that competitive businesses function at a rapid pace, but we also know that having a succession plan in place will secure continuity in times of transition or crises.
Transitioning a business takes time. By following Legacy Advisor Network’s five phases of succession planning, owners can secure a virtually seamless, organized transition that protects their financial investment in the company and prolongs their life’s work and legacy.
Legacy Business Advisors Mid-Atlantic’s 5 Phases
- Identify – Determine your succession timeline and set goals based on your business valuation.
- Evaluate – Analyze the health of your business and align your assets/retirement needs with your succession objectives.
- Design – Create a customized roadmap that provides strategies and tactics for both a primary and secondary plan.
- Implement – Coordinate the efforts of your Advisor Team and staff members, so everyone is on track to complete the necessary steps to fulfill your objectives.
- Monitor – Provide accountability to meet your set goals and make necessary updates to the plan.
Completing these five phases will result in the best chance for a successful transition of your company. In every phase, you will recognize the importance of succession planning in securing both financial and management continuity.
Contact one of the advisors at Legacy Business Advisors Mid-Atlantic today to begin the process.