A transition strategy can be a subject that is postponed as long as humanly possible. It is even too much of a taboo for some business owners. Their companies are their babies, so it is understandable why entrepreneurs would avoid the conversation. They built their business from scratch. They started a business and persevered when very few believed in them. Just to fathom the idea of selling or transitioning the company to another generation can cause chills.
However, business owners often don’t realize they have other options to selling outright: they can continue to be part of the business in a more strategic role. It is the transition from “working in the business” to “working on the business.” As a matter of fact, any smart investor will require the business owner to continue involved somehow in the company in some sort of an advisory role. Indeed, who does not want to have the mind behind all the success of the business by giving some advice?