General Transition Resources
Below you will find a number of articles, media, and tips from experts across industries to help jumpstart your exit-planning process. Scroll through and click the images to explore.
Exit Planning Steps
Introduction:
Start your journey here.
The 7-Step Exit Planning Process ™
Start by reading this guide from Altus Exit Strategies.
Business Succession Planning: An Owner's Manual
By Chris Cooper and the staff at the Ohio Employee Ownership Center at Kent State University
1. Know what you want
Resources to help you determine what is best for you and your business.
The importance of exit planning for small business owners
from The Phoenix Business Journal
Should you sell your business before you retire?
from US News – Money
Exit Planning for Small Business
from San Francisco Magazine
10 Things To Do Before Selling Your Business
from Forbes
Your business exit strategy in 9 steps
from Xero.com
2. Understand your options
Learn more about your exit strategy options.
8 Business Exit Strategies for You to Consider
from Fundera by NerdWallet
Business Exit Planning: 5 Classic Strategies + One You May Have Missed
from ESOP Partners
SBA Business Guide: Close or sell your business
from the U.S Small Business Administration
How to Create an Exit Strategy for Your Small Business
from The Balance
3. Achieve your goals
For most owners, selling their business will be the largest and most consequential transaction of their life. Oftentimes, the best place to start is by consulting with an exit planning professional. Getting some initial advice and guidance from an expert whose only objective is to help a business owner define and meet their goals, with no particular stake in any one option, can get you started on the right path and set you up for success, no matter what your plan is. They are also best positioned to connect you to the most relevant resources and technical assistance for your situation, goals and location.
Even rural states have professionals who understand the local and regional market and economy and can tailor their advice to realistically meet your needs. One example in Maine is Altus Exit Strategies, whose website is full of helpful resources and guides.
Steps you can take NOW to prepare your business for a successful transition
i. Locking in Key Leadership
Talk to key leaders in your organization and get them on board with your goals and timeline. Taking some steps to lock in key leaders will enhance stability of the business through a transition. Those steps can include being transparent about your goals and timeline, engaging them in co-determining the goals and timeline, and offering financial or non-financial rewards for staying with the organization through the transition.
ii. Participatory Management
Building out the next generation of leaders is important as you prepare to step away. And managers who know the best ways to involve their team and support team members will create the longest lasting results. Both CDI and The Industrial Commons offer Training Programs for managers:
- CDI Participatory Management Initiative (New England & Northeast)
- The Industrial Commons Coaching Supervision Program (North Carolina & Southeast)
iii. Open Book Management
One of the best ways to prepare your team for a transition is to help them understand how to think and act like owners. Open Book Management gives every employee the understanding of the financials, and where they can make the most impact on the bottom line. When properly implemented, Open Book Management will teach your employees how the company makes money and engage them in developing initiatives that improve profitability.
What else would you like to learn? Share your insight with us!