7 Key Success Factors for Successful Succession
Begin with the end in mind - good strategy takes time.
Business owners that begin early get a better result - every time. A typical business succession and exit will take at least 18 months and normally 3-5 years to get the best results. Succession planning is about getting three things right at the same time - the business needs to be ready for succession or exit, the finances - both the business and the owners/families need to be set up for retirement or for the next stage, and finally the owners (both exiting and entering) need to be ready - retirement is a big change.