This is one of the first questions that businesspeople ask themselves after working in their business for some years. Planning one’s retirement or succession is not the end of something. It’s the possibility of a new life and perhaps even a new career, the celebration of a success and the opportunity to prepare your successors.

It’s important to plan for the continuity of your business several years before handing it over. The original entrepreneurs are not against that, but they don’t know where to start. Their thoughts often start from the end! In fact, it’s often the technical part or the options that worry them: to whom could I turn it over? Could they pay me? What’s my business worth?

As the predecessor, you first need to get answers about yourself. It’s not easy to put yourself first after having probably “set yourself aside” for years. And yet, all you have to do is answer a few fundamental questions honestly.

The answers you give will provide a good starting point. After having made your own objectives clear, you’ll be better able to have discussions with your spouse, children and potential successors – whether they’re family members or not.

Here are a few examples.

• For how many more years do I want to work in my company?
• What is my vision of the property and management transfer of my business – a quick or slow progression of the transfer of power?
• What are my personal and professional objectives?
• Do I have projects in mind for my retirement or next career?
• What skills and talents would I like to keep using in retirement?
• What will my role be in the company during and after the turnover?
• How, when and to whom should I pass on my knowledge?

Good luck with your reflection, and welcome aboard!

Martine Deschamps, M.Sc., ACFBA, CFWA
Senior consultant, entrepreneur succession and
business transfer. Speaker, trainer and author of the book
Planifier sa retraite ou sa relève… ça ne fait pas mourir !

syneraction.ca