The best time to start planning the transition of your business was when you founded your business, the second-best time is now. Business owners spend most of their time building and operating their businesses, but often assume certain things will “fall into place” when they are ready to transition their business. Will there be someone in your family or in your management team who will be willing and able to take over the business? Will you find a buyer when you want to sell the business? Will you have to simply close up shop and walk away when you’re ready to retire?