You’ve put a lot of effort into growing your business. But what happens when you decide it’s time to step aside? Transition planning is critical to the future success of every business. Having a detailed plan in place will ensure it’s there when you need it most, leaving little to chance, allowing you to shape the future of your business and your life when you choose to exit your business. Join us for thoughtful discussion around the primary steps to transition planning.

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[0:04] Business transition planning ensures a business owner has a plan to exit the business, well in advance of retirement, an unexpected life event or receiving an unsolicited offer to sell.

[0:10] Why is a business transition plan important?

[0:13] If a business depends on the owner working day to day, there may be a need for:

[0:18] 1. Hiring or training key management personnel in preparation of the owner’s exit. This could include family members.

[0:23] 2. Documenting processes that are in the owner’s head but not officially noted somewhere.

[0:27] 3. Entering into formal agreements with customers and suppliers that depend on relationships with the owner.

[0:33] Did you know?

[0:35] Business owners often have up to 80% of their wealth tied up in the business.

[0:41] A business transition plan also addresses how a business owner can get the wealth they need out of their business in order to fund retirement or the next phase of life.

[0:47] What is the value of the business?

[0:49] To whom should the business be sold? Family, a third party or management — and what are the pros and cons of each?

[0:53] On what timeline ideally would the business owner like to exit and what steps need to occur to make that possible?

[0:59] ATB has a full suite of services to help you navigate estate planning.

Find out more about selling your business successfully with ATB’s Business Transition Guide. Want to talk some more? For tailored advice around business transition planning reach out to our Business Transition team at atbwealthtransfer@atb.com