News & Events

News & Events

11.21.2013

Transition Planning: Key Steps for a Successful Exit From a Closely Held Business

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Lane Powell Shareholder Jeffery Bird authored an article in Seattle Business magazine’s December 2013 issue titled “Transition Planning: Key Steps for a Successful Exit From a Closely Held Business.” In the article, Bird discussed business transition plans and explained the basic steps for creating such a plan. The basic steps include a business valuation, personal financial planning, value enhancement strategies, business action plan, personal action plan and an evaluation of goals and/or objectives.

Executives of closely held and family-owned businesses are often so focused on running their businesses that they do not plan for the inevitable — the transition of ownership and/or leadership. It is not a question of “if ” as much as it is “when” the transition will occur.

Read the article (PDF).