Whether you are transferring ownership of your business to a family member, selling to an insider, or going to market, you must plan your transition in advance. It is recommended to begin exit planning at least 3 to 5 years in advance. Unfortunately, when the time comes, only a small fraction of business owners give themselves enough time.

An exit plan encompasses every aspect of your transition, including upfront wealth management, preparing your company for a future transition, retirement planning, and evaluating potential exit strategies. Regardless of how you reach the milestone of transitioning your business – whether it’s retirement or a buyer knocking at the door – an understanding of the transition process and a detailed exit plan will go a long way to making this event smooth and amicable.