Transitioning to New Owners
Why Succession Planning Matters
When you are a small business owner, planning for the future is an important part of protecting what you have built. Businesses change hands every day, and succession planning helps ensure that when you are ready to step away, your business can remain open, continue serving its community, and remain a valuable asset.
Even if retirement is still years away, creating a business succession plan is a meaningful step in planning for your future. A successful transition plan is developed at least three years in advance of your planned exit date
How a Transition Plan Helps
A strong business succession plan can help you:
- Transfer ownership
- Prepare your finances for retirement
- Provide for your children or heirs
- Prepare the business for unexpected events
How We Can Help
A business succession plan may involve choosing a successor, transferring ownership within a family, or selling the business outright. The right exit plan depends on a variety of factors, including your goals, your timeline, and the needs of the business. Planning ahead can help make that transition smoother for both the current owner and the next owner
The NIACC Pappajohn Center and North Iowa SBDC work with both owners and buyers to support a smooth handoff and the long-term success of the business. While we are not a broker or a bank, we have helped established companies and jobs remain in North Iowa through thoughtful transition planning.