redactedHow should you plan the transition of your business, your family and yourself? After decades building a company that provides for your family, supports your employees and serves loyal customers, the question becomes: what happens next? Will the business thrive after you are gone, and how do you secure your family's future and your own? Baby boomers (born 1946 toredactedown 42% of small businesses in Canada, and a 2017 BDC survey found 41% of entrepreneurs expect to exit within five years — yet most are not prepared. Why transitions so often fail - 33% of family businesses survive into the second generation - 20% of businesses transact for sale - 75% of owners have no formal transition team - 80% have no written transition and succession plan - 50% have done no planning at all Many owners regret exiting within the first year due to a lack of preparation and clarity about their future. Plan three aspects at the same time 1. Business succession planning — a clear strategy for passing leadership to the next generation, employees or a strategic buyer 2. Financial, tax and estate planning — structure personal and family wealth for long-term security and minimize tax liabilities 3. Life-after-business planning — decide what your future looks like post-business, including new purpose and passions Transition planning is not a solo endeavour: combine legal, tax, accounting, wealth and sell-side advisory expertise, and lean on a personal coach and a peer group of founders who have walked the same path. Key facts: transition planning • Boomers own 42% of Canadian small businesses; 41% expect to exit within five yearsredactedBDC survey) • Only 33% of family businesses reach the second generation; about 20% transact for sale • 80% of owners have no written succession plan; 50% have done no planning whatsoever • Plan three things together: business succession, financial/tax/estate, and life after business • Build a team: legal, tax, accounting, wealth and sell-side advisors, plus a coach and peer group If this content was useful, the rest of the Selling Your Canadian Business library is one click away. Visit redacted for a monthly newsletter, audio podcast, and video interviews with Canadian advisors. Subscribe now to The Canadian Exit Briefing for exclusive articles, guides and reports written for Canadian business owners and their advisors. Pass this article along to another owner who is working through the same questions. Disclaimer: This article is for general informational purposes only and does not constitute legal, tax or financial advice. Consult qualified advisors regarding your specific circumstances.redacted