Private business owners often have a considerable proportion of their net worth in their business.
Business Transition Planning is simply determining the best way of transferring the ownership and management roles of your business. Business failure, an unforeseen event such as a death of a business partner, and future financial security for both you and your heirs are all key reasons why one should consider proactive planning. Your Business Transition Plan should line up with your Retirement Income and Wealth Transition Plans as they all bring forth important pieces to put your financial house in order.
Once a viable plan is reached, it may take several years and consistent coaching to actually implement the plan and adjust for changes along the way.