Every business comes to a crossroad where the question “what’s next?” must be answered. Some businesses launch with the intention of building to sell; some have a family member in the wings as a succession plan; some don’t know how the business will carry on without them but hope it will.
There are eight traditional transition options for business owners plus a plethora of hybrid solutions. Many business owners are only aware of a couple options for their business when they are ready to step away. Knowing the full range can open possibilities and creative approaches to transition from business ownership. The better an owner’s understanding of transition options, the more customized and intentional the transition can be.
Options can be weighed and measured based on the business, the owner’s intentions and situation at hand. Women business owners are inherently creative, so their business transition options can be too.
At RFN Advisory Group, we believe the most valuable businesses are transition ready. And transition looks different for everyone.
Learning objectives:
1. Learn about the importance of transition readiness
2. Learn the eight traditional transition options
3. Learn about hybrid transitions options
4. Learn what fit, feasibility, likelihood and degree of difficulty have to do with transitioning a business