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Ensuring A Successful Business Transition

You have invested a lot of time and energy into making your business a success.

Now it’s time to start thinking about the next step – both in your life and in the life of your business.

Whether you’re planning to transition your business to a family member, sell to a third party, or sell to a partner, having a clearly-defined plan in place can increase the likelihood of ensuring a successful transition.

More than half of family businesses are expected to change hands by 2019. Only 20% have a robust, documented succession plan in place.

Source: Securing the Future: The Canadian Supplement to the 2014 PWC Global Family Business Survey.

The Challenges of Family-Owned Businesses

Family-owned businesses face unique challenges during every phase of the business lifecycle. They grow with their founders’ energy, sacrifice, and commitment.

As the company grows, there will come a time when the founder must step down and let someone else take the reins.

That’s where family-owned businesses get tricky. In many cases, the owner has a unique sense of control over the business, having built it from the ground up.


The truth is many family-owned businesses fail to survive beyond the founding generation.

There are some best practices for continuing your family-owned business success while preserving your legacy.

Making a succession plan is the single most important issue in preserving the legacy of your family-owned business. Without a detailed succession plan, the founder could be forced into alternative exit strategies.

Business Transition and Exit Planning

If you asked 10 seasoned owners of privately-held businesses to identify their greatest business concerns, you would likely hear “Business Transition or Exit planning.”

The majority of business owners 50 and older struggle with the fundamental questions regarding a plan to transition ownership of their business.

For example:

What is the best approach for succession – keep, sell, gift, or some combination – for me, my family and employees?

How and when should the transition of my ownership and ultimately control occur and to whom?

Who is best suited to assist me in this process and what role do my current advisors play relative to outside expertise?

A well designed, dynamic Transition Plan alternatively provides the roadmap for the planned disengagement of the owner in a financially secure and methodical manner to the successor ownership and management.

  • Since the net worth of many business owners is largely comprised of their ownership, the transition plan must take into account their financial requirements relative to those of the business.
  • Sophisticated financial models are critical to first analyze the financial capabilities and needs of the company relative to the owner’s personal cash flow requirements.
  • Key tactics include reviewing the successor’s capabilities and passions, the business environment, family roles, and relationships, as well as the corporate governance structure. 
  • Proactive planning is critical to the development and successful implementation of a transition plan should be in place and implementation underway approximately three to five years before the targeted exit date.

Business Transition Planning Services

Our Business Transition Planning Services are designed to help you plan for the future you want for your company and guide you in the development of a strategy for achieving that goal.

It’s all about building a long-range map with a well-marked route in order to successfully navigate what is often a complex and challenging journey.

Whether that future involves a sale, merger, acquisition, divestiture or another exit strategy, the experienced professionals at CVG Advisors are the ideal team to serve as your trusted business advisors.

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Let Us Be Your Trusted Financial Advisor

We offer sound strategic advice throughout the entire business lifecycle – from helping you to develop a business transition plan, identify viable exit options, get you “sale-ready”, evaluate strategic alternatives and act as your trusted financial advisor throughout a transaction.

We take the time to understand your business, including your financial profile and key value drivers, so that we are well-positioned to advise you on how to best maximize and protect the value of your business.

— Better Planning Today For A Better Outcome Tomorrow —

We not only help you navigate the strategic, operational, financial and compliance risks in pursuit of successful company performance but we also focus on helping you to build sustainable value in your business in order to close the gap between where you are today and where you want to be in the future.

Regardless of whether your exit plan is near-term or long-term, making your business “sale-ready” at all times means better planning today for a better outcome tomorrow.

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About Us

Jim Millar, MBA

Managing Director, CVG Advisors

Jim Millar is a principal of the Vine Group, which he founded in October of 1998. The Vine Group is a business advisory group providing strategic planning, valuation analysis and financing assistance to growing businesses. The Vine Group has assisted several companies in raising capital for growth, selling company assets/stock for appropriate valuations and executing the acquisition of strategic businesses.

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Dan Lucas, CPA, ABV

Managing Director, CVG Advisors

As the President of Credo Finance, Dan Lucas advises clients with a CFO mentality, in all aspects of accounting, finance, tax, operational strategy and best practices. He also directs the Credo team in establishing the strategies for the growth of the firm and continually raising the bar on its standards of exceeding clients’ expectations.

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