Maximize your return

Your coaches describe the typical lifecycle of a successful small business.

MichaelMost successful businesses go through four stages: startup, growth, maturity, and transition.

CassieThat’s right. And the maturity stage of your business is an ideal time to start planning what you’ll do in the final transition stage. Will you close the business? Sell it? Pass it along to your children?

A graphic titled “successful business lifecycle” that features an arrow divided into four segments representing the four stages—startup, growth, maturity, and transition. The arrow is also divided into 2 larger pieces that show money being contributed during the startup and growth phases, and then distributed in the maturity and transition phases.

MichaelWhichever path you choose, it’s critical to start planning early. Surveys of financial planners, CPAs, and other business professionals have shown that it takes at least five years to create an effective business succession plan. Yet, only about 25% of all business owners do an adequate job.

CassieAnd you’re probably very busy. Succession planning takes time you may feel you can’t spare. But when you consider all of the time, effort, and dollars you’ve contributed over the years, your business may be your largest single asset. By taking the time to determine your business’s future plan, you can maximize your return on investment.

MichaelKeep in mind that if you don’t take the time, you’re basically guaranteeing that someone else will make those decisions for you.

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