This article reveals research findings on owner readiness, attitudes and preparedness activities for succession and transition of their businesses. Practical advice on succession and transition planning is offered for small business owners.
Business owners are only somewhat ready for transferring the leadership and ownership of their businesses. Our survey of Minnesota owners found moderate levels of personal and business readiness for transferring their businesses. The research findings on awareness, advisers, planning activities, attitudes/values, intentions for transfer, and post-business plans provide useful insights. These insights can help business owners, economic developers and trusted business advisers understand the state of business succession and transition planning and suggest the gaps that need to be filled to enable businesses to successfully transfer to new owners and leaders.