Business Succession Coach David Waymann Helps Business Owners Retire

ANN ARBOR, Mich. - May 2, 2024 - PRLog -- Your strategic plan helped guide you through business successes leading to the exit or transition you're now considering. But once the end is in sight, there are other details to consider: how you leave, what you leave behind, and how it will affect you financially.

If your strategic plan is the GPS to your business, a business transition plan is the off ramp. The strategic plan got you here; but where you go from here is up to you.

Your transition out of your business can be as short or long as you decide, but it will be a smoother if you set a timeline and have a destination in sight. Even better, plan who will be taking over, what their responsibilities will be, and when the transition will occur. If you have employees, their financial security may depend on keeping the business running as usual during the transition.

Leaving your company may feel more difficult than you anticipate. Make your plans early to ease your own transition when the end is in sight. Think about the kind of exit you want to make. Which way will you go? What will you choose to do?

At a minimum, make sure you're financially ready to leave. A thorough assessment of how your exit will affect your personal financial situation is critical. What will your primary source of income be? How about a secondary nest egg; for example, the equity you get out of the business? Will you be able to support the lifestyle you want?

There is much to consider before you're truly ready to leave. Need help? Read more on the website: https://advicoach.com/southeastmi/2024/04/30/a-business-t...

About AdviCoach of Southeast Michigan: As a Business Advisor/Coach with AdviCoach of Southeast Michigan, David works closely with owners of small and medium size businesses in the 'gap areas' that stand in the way of goal achievement, success and the satisfaction of having their business work for them, not the other way around.