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While the path to business ownership and success is unique to each woman business owner, there are some things nearly every owner has in common. Hard work, determination, a vision of what could be and the resolve to make it happen. You may also share the need to one day transition your business to the next owner. To ensure a smooth transition, having a plan in place is key.

Your business transition plan should answer basic questions related to how, when and to whom you will transfer your business. If you’re considering retirement or a change within the next five years, you need to define and begin your exit strategy now.

Deciding how to transition your business is one of the biggest decisions you can make for the legacy of your business and your career. One you don’t want to make with incomplete information. For successful business owners to be able to meet their business, personal and financial goals, understanding available transition options goes a long way.

In the latest episode of our Women-Owned Wednesday podcast, Key4Women Director Barb Smith talks with Francis Brown and Mike Ella, Directors of Family Wealth Consulting with Key Private Bank. You’ll hear about the steps you should consider when building a plan to transition your business, some commonly held misconceptions and the transition options available to you.

For additional insight about where to begin and the transition options available to you, download Key Private Bank’s white papers Preparing for a Successful Descent: Four Questions to Answer Before Transitioning Your Business and The Top Seven Strategic Business Transition Options.

Not a Key4Women member? Visit key.com/women to join today.

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