Whether you are thinking about transitioning your business to the next generation or selling your business outright, there are many things you should consider before you begin.

When considering transitioning your business to family members communication is key and should start years ahead of when you want to retire.  It is important early on to know if you have any children who are interested in learning about and running the business.

A team approach is critical to transition planning.  You should take the following steps to ensure a smooth transition:

  • Develop a process early
  • Ensure the readiness of the next generation
  • Essential non-family key employees buy-in
  • Family estate plan and business plan are in alignment
  • Financial retirement plan is in alignment with the transition plan

At Accession Capital Advisors we work with family and generational businesses to help them navigate the transition of their business to the next generation.  If this is something that is on your mind feel free to reach out to Pete Ferraro for a free consultation on how we can help you work through the challenges of transitioning your business to the next generation.