Without Execution There is No Transition

The best planning in the world will mean failure if you don’t take action. Effectively executing the plan is the key to a smooth business transition. To complete the three important execution steps you will need to:

Step 1:  Become a Passive Owner

First you must begin separating yourself, your goals, your finances, and your responsibilities from the business. To accomplish this change you need to:

  • Implement a business management system to ensure your human capital is trained, engaged, and accountable.
  • Develop leadership and management skills through coaching and training. 
  • Build a management succession plan to guide the successor in their new role.
  • Learn, understand, and teach the disciplines of a learning organization.
  • Create an effective governance structure for communication and accountability.

Step 2:  Transition Ownership

The second step involves the financial, insurance, and legal aspects of transitioning ownership. To successfully transition ownership, you need to:  

  • Create a personal financial plan and explore options for shared and individual assets.
  • Review your estate plan to protect family assets.
  • Devise an ownership transition strategy to determine who will receive the ownership: Family members, Employees or Partners, or a 3rd Party.   
  • Confirm the business valuation method and review buy/sell agreements.
  • Investigate bank and shareholder financing options.
  • Implement insurance strategies to protect your wealth.

Step 3:  Strengthen Family Unity

Family is the top priority and keeping your family unified during the stressful business transition process is vital. To strengthen family unity you need to:

  • Define the family’s purpose and wealth philosophy.
  • Create a learning environment to help each member achieve their goals.
  • Identify family values and develop a shared vision outlining what the family wants to achieve.
  • Encourage estate planning and establish good decision-making guidelines.
  • Hold regular family council meetings to improve communication and create a safe place for courageous talk.

By completing these execution steps you, your family, and all the stakeholders have done the work required to achieve a successful transition process. You have integrated strong family values, effective business management, and a healthy community. Congratulations, you are ready for the next chapter in your life!


Find out how we can simplify the transition process for you.