Have a formal succession plan
How formally setting out your succession plan helps you to achieve your exit target.
A succession plan is no use if it exists only in your mind - it should be written down.
Having to formalise your succession plan enables you to know exactly what course of action you plan to take, when and how. Setting it out in black and white often means shortcomings are exposed, which means more effective strategies need to be employed.
Once you have decided which course of action best enables you to relinquish control of your business in the manner you want, you should be able to work out a timetable of necessary actions. This needs to be meticulously planned and executed.
A succession plan can take several years to implement.
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Your succession plan needs to be communicated effectively to other important people within your business and key external stakeholders. Letting employees, customers and suppliers know of your intention to cease involvement in the business is important - and timing is crucial. The last thing you need is people to lose faith in the business when they hear you will no longer be involved.
Throughout, it is important to seek expert advice on every aspect of relinquishing ownership of your business - not least of which is taxation. There will be implications for both your personal finances and those of the business.
One of the most difficult challenges that business owners face is learning to slowly but surely let go in advance of actually relinquishing control over their businesses. However difficult, it is a necessary part of the process.