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Transition Time

QUICK SUMMARY

If you’ve made the decision to exit your business, timing and careful preparation are everything. Whatever your reasons for making this move, how you direct the transition will have a huge impact on you, your employees, customers, and business associates—not to mention the value you’re able to extract from what you’ve built.

Reasons to Transition a Business

These are some of the most common reasons for transitioning a business:

  • Ready to retire
  • Seeing the opportunity to sell at the right price
  • Loss of interest in the current business and/or interest in starting a new one
  • Business negatives, such as disputes with partners or downturns
  • Life changes, including the death of the business owner, or a divorce or disability
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Choosing a Transition Team

You’ll need to rely on a network of professionals to transition successfully. Transition teams often include:

  • Certified Public Accountant
  • Insurance Professional
  • Lawyer
  • Business Appraiser
  • Investment Advisor
  • Strategic Partner, Angel Investor, and/or Venture Capitalist
  • Independent Advisors
  • Business Broker or Investment Banker
  • The Buyer or Successor
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Making a Transition Plan

Exhaustive planning is critical to securing the outcomes you want.

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