How to prepare for a successful business transfer?

You’ve invested time and money in your business, but now it’s time to plan your exit? Here are some tips for a successful transition.

To ensure that your business transfer goes smoothly, you need to surround yourself with skilled professionals. One of the advantages of this is that it will enable you to maintain constructive dialogue and thus promote a harmonious transfer. What’s more, this transfer can be gradual, spread over several years.

Cover all the bases

Make sure you have all of the experts you need for a successful transfer. There are numerous facets to an organizational change of this magnitude: human, financial, tax and legal, among others.

Work with experienced advisors

Call on advisors with business transfer experience who can see the big picture, because the success of this process depends on how well the advisors can work together as a team.

Reflect your business’s situation

Choose one person from the group that you trust, who knows your business’s situation and understands the related human and interpersonal issues. This person can act as the “integrator” with an overall view of your needs and objectives. That person’s role will be to identify your needs and call on the right resources at the right time.

Have an objective observer

Encourage neutrality. The professionals must be capable of giving you an objective opinion. To ensure the business’s longevity, they should consider the needs of the transferor and transferee in the process. This may include, for example, doubt about the transferees’ abilities, questions about everyone’s future role, the business’s value.

Generally, the following experts are involved in a successful transfer:

• specialists in business transfers, strategic planning and human resource management;
• an account manager,
• a financial planner or development capital investor,
• a business valuation specialist,
• a tax specialist,
• a lawyer,
• an accountant,
• a notary
• a communication management consultant and family mediator and,
  in some cases, an industrial psychologist.

By surrounding yourself with the right experts, you’ll be well positioned to ensure a successful business transfer.