How to Navigate Transition Planning: Strategies for You and Your Business
by
Jay Silverstein, Partner, Private Clients Practice;
Mark Steranka, Partner, Strategy & Operations Consulting Services; and
Luc Arsenault, Partner, Transaction Services
Every privately held business is different and so is every business owner. Regardless, a transition is one milestone every owner will eventually approach. Mapping out your plan in advance can help your business not only survive, but also potentially thrive with an investment return.
Here are some key considerations to help effectively transition your business.
The Importance of Planning
There are two main takeaways as you begin your planning process:
- Start early. Great planning can empower you to build a lasting legacy. It should be comprehensive, considering the needs of the business, owners, and family.
- Be flexible. Things change. With the luxury of time, you can make adjustments to your business and personal finances as you go.
Following are strategic, financial, tax, and owner and stakeholder considerations to assess before, during, and after your transition process.
Planning Process and Strategies
You can also view or download a PDF version of the above checklist.
We’re Here to Help
Although it’s ideal to plan years in advance for transition, life and business environments can be unpredictable. You can’t always see into the future, so your transition plan should be able to evolve and be somewhat flexible.
It’s never too early to plan, whether you want to transition in five or 10 years. There’s a great deal of value, both personal and business related, that can be derived from the groundwork to help secure a clearer future.
For additional insight and next steps on the planning process and strategies for your particular situation, read our article or contact your Moss Adams professional.
Jay Silverstein has been with Moss Adams since 2001. He focuses on ownership succession strategies and estate planning for closely held businesses and their owners and families. He can be reached at (707) 535-4115 or jay.silverstein@mossadams.com.
Mark Steranka has consulted with businesses, not-for-profits, and government entities for more than 25 years. He specializes in working with boards, councils, and senior management in a wide range of industries. He can be reached at (206) 302-6402 or mark.steranka@mossadams.com.
Luc has over 25 years of M&A experience and has consulted on mergers and acquisitions (M&A) involving transactions of up to $20 billion. He leads M&A teams for corporate and private-equity clients. Luc has significant experience with public company and carve-out transactions. He can be reached at (415) 677-8287 or luc.arsenault@mossadams.com.