Business Transition is the term used to describe when there is a change in the ownership of the business. Whether the transition is to grow, exit or step back from the business, it is critical to design and implement tactics and strategies to support the transition.

In a business transition, the owner of the business should focus on putting their company in the best position possible to support the new ownership team. These transitions can be complex, risky and come with a myriad of finite details.

The biggest concern for owners is the future success of the company. Whether you are selling to a third party, a management team or handing off to family members, most often, you don’t cash out right away. This is why long-term success is so important. It is imperative that owners invest the appropriate time, money and resources to build up the right succession team and prepare them to take over and continue to grow the company.

The critical question is: how can you make sure the transition will be successful long term? It all comes down to handing over the company to someone who is able to take on the responsibility and has the skillset and mindset to run the company toward success.

Are you considering a transition to a family member? Are they able to take on this responsibility? What will they keep the same? What will they change? How will your employees respond?

These are just a few of the important questions you must ask yourself when considering a business transition.

We, at Business Transition Alliance, can help you and your company create a unique strategy to support your transition. Starting with our complimentary 17-Point Diagnostic™, we will work with you to identify the critical areas of business that you need to focus on to improve your company’s profitability and value. From here, we will create a calendar of deliverables and deadlines to get your company on track for its transition and to maximize the long-term success (and profit!) of your company.