Industry trends Key insights Build a knowledgeable, trustworthy team to support you through the transition process. Compare your current state of readiness to your vision of your post-succession future. Make a plan that considers your business, personal, and financial situation and hold your team accountable for meeting timelines and goals. Get help preparing for the seamless transition of your business. Step 1 — Establish your advisory team Get the right people on your team to support you through the process. This is likely the biggest financial transaction of your life. Surround yourself with people you can trust who also have deep specialized knowledge in key advisory areas. Don’t settle for one without the other. The following are the roles most common to an advisory team: Certified professional accountant Investment banker If you have a family business, you may also want to consider working with an owner transition advisor with family business consulting experience. Step 2 — Determine what you want Know where you are going and what you want your life to be like after you transition. Carve out time to think about your future. Where do you want to spend your time? Who are you with? What are you doing? Where will your sense of purpose come from? How much money will you need to fund this life you envision? Step 3 — Determine what you have To get where you want to go, you need to know where you are starting from. What is the current value of your business? What is the current baseline of your financial picture? Evaluate your readiness across three key areas: business, personal, and financial. Put yourself in the shoes of a potential buyer or the employee or family member who may be stepping into your role. When you look under the hood of your business what do you see? Is the company dependent on you to operate? What about process and procedure? How effective is your leadership team? Step 4 — Make a plan to bridge the gap Once you know where you are now and where you would like to go, the next step is developing a plan to get there. Start with areas that reduce risk to the business or you, personally. Plan to address any financial gaps, as well as build value in the business. Enlist your advisory team to help you understand what type of transition structure makes the most sense for you. On the business side, it may be time to pull in members of your leadership team to help you strategize. Step 5 — Execute your plan Don’t let your plans sit on a shelf (or in the cloud) somewhere. Regularly meet with your team and others involved to set priorities and tasks and map progress. Consider collaborating with your transition consultant or advisor to help hold you and your team accountable for meeting timelines and completing goals. How we can help With forethought and CLA by your side, you can address a complex mix of personal and business challenges and aspirations. Our experienced team can help provide the resources you need to implement a practical plan designed specifically for your company, your family, your goals, and your values. Connect © 2026 CliftonLarsonAllen. All rights reserved. "CliftonLarsonAllen" and "CLA" refer to CliftonLarsonAllen LLP. Securities and investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor, member FINRA/SIPC. CliftonLarsonAllen is a Minnesota LLP, with more than 120 locations across the United States. The Minnesota certificate number is 00963. The California license number is 7083. The Maryland permit number is 39235. The New York permit number is 64508. The North Carolina certificate number is 26858. If you have questions regarding individual license information, please contact Elizabeth Spencer . CLA (CliftonLarsonAllen LLP), an independent legal entity, is a network member of CLA Global , an international organization of independent accounting and advisory firms. Each CLA Global network firm is a member of CLA Global Limited, a UK private company limited by guarantee. CLA Global Limited does not practice accountancy or provide any services to clients. CLA (CliftonLarsonAllen LLP) is not an agent of any other member of CLA Global Limited, cannot obligate any other member firm, and is liable only for its own acts or omissions and not those of any other member firm. Similarly, CLA Global Limited cannot act as an agent of any member firm and cannot obligate any member firm. The names “CLA Global” and/or “CliftonLarsonAllen,” and the associated logo, are used under license.