Small business transition of ownership can be very complicated. The best time to start thinking about your exit strategy is now, even if it might be a long time before you actually want to transition out of your business. Time will allow you to consult with professionals and put your plan in place, and you can optimize your chances of getting the most financial and personal satisfaction from the results.
Time will also allow you to decide the right successor. Choosing the right successor is an outcome of hard work evaluating family member candidates or outside talent. No one should be a shoo-in without experiencing the rigorous assessment for readiness and an educational plan developed to get your choice ready to take over without your assistance. In 1989, after his family business was sold, Dr. Northington founded Northington Ph.D. to assist individuals with career planning and life changes. Soon after, he developed Family Business Solutions as a major division of his practice.