Vendor Transition

May 26, 2021

by a searcher from Queens University in Edmonton, AB, Canada

Has anyone prepared a full transition plan in advance of closing? If so, does anyone have a transition plan template they can share? By transition plan, I mean looking at specific job function, relationship, key information held by the owners, and how each of these items would be transitioned to an incoming buyer? Or does it tend to be too fluid to nail down specifically?

Thanks in advance!

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Reply by a professional
from University of Wisconsin in Minneapolis, MN, USA

Good thoughts to be planning ahead. With founder-lead sales, they often have decades worth of knowledge floating around in their heads that has never been written down. What's more there is a lot of tribal knowledge that exists between a few key employees that should also be documented and professionalized. Here is link that will be helpful for any new CEO's that will be leading a business for the first time: https://dynastylc.com/100-day-plan/

Reply by a searcher
from National University of Ireland, Galway in Seattle, WA, USA

I have an accountability system that could work. I used to assign responsibility and accountability in general, however it worked extremely well when I had to transition a number of key employees out during a COVID correction. The transition was very smooth despite the emotion etc..It's a spreadsheet with definitions and some policy. . I would need to talk you through it on a call.. Feel free to DM me.

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