When should I start planning my business transition?

The ideal time to begin business transition planning is three to five years before your targeted exit date — and earlier is almost always better. Starting early gives you time to identify and address value gaps in your business, implement tax strategies that require time to be effective, prepare family members or key employees for new responsibilities, and negotiate from a position of strength rather than necessity. Many of the most impactful tax and estate planning strategies for business transitions require several years to execute properly. Yeo & Yeo encourages business owners to begin the planning conversation well in advance so that every available option is on the table.