Selling a business and transitioning resources
Transitioning a business
There are many reasons for exiting a business – starting a new venture, retirement or passing it on to the next generation. Whichever path you take, you will need a plan. U.S. Bank has the resources and tools you need to learn how to plan and prepare for success.
The small business 3-5 year transition plan
After years of hard work and dedication, you’ll inevitably get to the point where you choose to transition your business. Though it can be challenging to let the business go, it should be viewed as a mark of success. You've grown your business to the point where you can take move onto the next chapter. This is a huge accomplishment!
Even if it will be a few years before you move forward, it’s in your best interest to start planning sooner than later. Following are the key considerations when putting together your succession plan:
Work with a transition team.
A lot of financial and legal details go into transitioning a business, not to mention emotions! Because of this, you’ll want to work with experts who will ensure you cross all the t’s, dot all the i’s and can help you get the most out of the transition.That team typically includes tax, legal, accounting and wealth management advisors.
A business owner advisory team can help you evaluate options and choose the one that’s right for you. They can help you:
- Understand your goals and objectives
- Assess the value of your business
- Explore your business transition options.