Transition Planning With Jamie Storrs - Pro Landscaper Magazine USA

Transition Planning With Jamie Storrs

by | Apr 28, 2022 | Business, People

Jamie – “Why do so many small business owners wait until it’s too late to plan for succession and transition?”

According to a recent survey, 96 percent of small business owners agree that it’s important to have an exit plan, yet 58 percent of those same owners have no transition or succession plan in place. To compound this issue, many owners have the majority of their net worth tied up in their business. With no clear retirement/transition/succession plan, owners are all too often forced to be reactive when it comes time to exit, which risks a suboptimal outcome for them, their families, their employees and for the company legacy that they’ve worked so hard to build over the years.

It should come as no surprise that those who start planning for transition early on tend to be the best prepared when it comes to retirement. The problem is, as a small business owner can relate, it’s all too easy to kick a project down to the off season to-do list, especially when it seems years or even decades away. The issue here is that even when a transition may feel as if it is in the distant future, you never know when a sudden illness, life-changing event or global pandemic can advance that timeline from years away to months or weeks. 

With all this in mind, the time to start planning for transition is now, so we’ve laid out five steps you can take today to set yourself up for the best possible transition outcome in the future. Thus prioritizing your family, staff and your goals, including a well-earned retirement. 

5 Tips for preparing for transition……..

Read about the 5 tips here: https://issuu.com/eljays44/docs/pl_usa_march_april_2022/56

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