1. Appreciate and understand the complexity of a successful Business Transition Process—without causing them to feel intellectually overwhelmed by all the issues and decisions involved.
2. Recognize and work through the emotional issues related to:
— Letting go of their companies
— Allowing their companies to change
— Passing their companies on to a new owners
3. Envision, and feel comfortable about the idea of their companies continuing successfully even when they personally are no longer there to make it happen
4. Separate themselves from their companies—both emotionally and functionally.
5. Be aware of and think about criteria for making their company ready for transition to a new owner.
6. Know what to expect—so they understand why a successful Business Transition Process takes time, and why it requires several different types of planning.
7. Become mentally and emotionally prepared to stay with the Transition Process for the duration, so they will bring it to successful completion over the long haul.
8. Understand that the first step in planning is for them to establish:
— their Personal goals (for themselves and their families)
— And the goals for their companies that they want to achieve through the Business Transition Process.
9. Think about criteria for choosing the best new owner for their companies.
10. Be able to work effectively with a collaborative team of Transition Advisors;
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