If you’re in the beginning stages of launching your small business or a just few years into ownership, you might not be thinking about exit plans. Preparing for an ownership transition, however, is a critical part of every entrepreneur’s journey.

Not only is a transition plan important for your financial future, a successful transition plan also keeps businesses in communities, preserves jobs, diversifies ownership and creates wealth-building opportunities for current and new owners. Without a plan, owners risk losing the legacy they’ve built, and communities can lose vital local businesses that support jobs and economic activity

Why transition plans are important

Seventy-five percent of owners said they’d like to exit their business within the next decade, with 58% of owners lacking a

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