A business is not made to last if it hasn’t considered a transition as part of its plan. Business transitions are something that every business will eventually be faced with, and the key questions will inevitably be “Will your transition be on your terms and will you control the process.”

This is a topic I have written about often, as it’s a common problem that Canadian small businesses - especially family-run businesses, face each year. This is usually due to the fact that most entrepreneurs don’t want to give up control over the thing they’ve poured their heart and soul to, or that their grandparent or parent has set up before them. But without preparing for a transition in advance, you risk losing your business, family wealth and legacy to poor planning.

I spoke at the Business Transitions Forum at a conference meant to facilitate exactly these types of transitions. It was a fantastic conference with a great group of people, and I hope to have the opportunity to do it again soon.