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The Equitas Transition Plan™ Q&A

Transition planning for a business owner is a concept that is bandied about by so many, yet successfully done by so few. Why that is the case is not as important as what steps should be taken to make transition planning a more successful exercise.

Secret Weapon to Successful Generational Transition

There is an epidemic about to occur in Canada and the United States as the baby boomers begin to retire. Many of these baby boomers created businesses as a means to support their families and have been very successful at doing so. But now, as they reach retirement age, many of their businesses are going to be changing ownership – a process that has proven difficult for most.

Transitioning to the Third Generation

Despite all the factors pulling against the second generation owners, they have successfully managed to transition from the parent generation to the sibling generation. There were bumps along the way, but most of the kinks have been ironed out and things are running smoothly… for now.

Setting Up Conditions for Success

I am currently working with two family businesses – one where the founder (Bob) is well into his 70s and continues to rule with an iron fist, and the other where the founder (Jim) is in his 60s and has passed managerial control to a non-family member. These two stories illustrate the difference between being proactive versus being reactive when it comes to succession planning.

Nothing Left to Chance

Across the country, there are thousands of savvy business owners who have built successful companies, diligently investing countless hours into planning to ensure the success and viability of their businesses. But when it comes to planning for their company's future after their retirement or death, a majority are just crossing their fingers.