Across the South Sound, many small business owners are reaching a turning point—they’re looking toward retirement, exploring new ventures, or simply ready for a change of pace. But while the idea of stepping away might be on the horizon, the plan to do it rarely is.

In fact, an estimated 70% of small businesses in the U.S. do not have a succession plan in place. That’s a significant gap—and one that can leave both the business and its owner vulnerable during a major transition.

Whether you’re planning to exit in the next few years or just beginning to consider what comes next, there are real advantages to starting the conversation early. A well-prepared transition not only protects the value of the business you’ve built, but it also gives you more control over the process and the outcome.

What Does a Succession or Exit Plan Actually Include?

Succession planning isn’t just for large corporations. For small businesses, it’s often even more critical, especially if the owner plays a central role in day-to-day operations.

Here are a few elements that go into a strong transition plan:

• Business valuation to understand the true worth of your company.
• Financial preparation involves tightening up your books, addressing liabilities, and presenting a clear picture to potential buyers or successors. 
• Tax planning to minimize the impact of the sale or transfer. 
• Exit structure options—including third-party sales, family transfers, employee buyouts, or mergers. 
• Timeline planning that supports both the business’s needs and your personal goals.

Each plan looks a little different, depending on the business and the people involved—but the goal is always the same: to protect the integrity and value of what you’ve built.

Why Early Planning Makes a Big Difference

Many business owners wait until they’re ready to step away before starting the process, but by then, time is limited, and options may be fewer.

When you begin planning early—even two or three years in advance—you give yourself room to increase business value, address financial gaps, and position your company in the best possible light for potential buyers.

It also gives your team, your customers, and your family more time to adjust to what’s ahead—something that matters in a close-knit community like ours.

For Buyers, This Is a Window of Opportunity

With more businesses expected to hit the market over the next few years, entrepreneurs looking to purchase an existing company may find new possibilities opening up.

But buying a business takes more than interest—it takes due diligence. That includes understanding the financials, evaluating long-term sustainability, and getting expert insight into risk factors. Whether you’re a first-time buyer or expanding your portfolio, having a financial advisor on your side makes the process more strategic and less overwhelming.

We’re Here to Support Both Sides of the Transition

At J. Ott Business Solutions, I work with small business owners and buyers throughout the South Sound to navigate the complexities of mergers, acquisitions, and succession planning. From valuation and financial prep to tax strategy and long-term planning, I’m here to help you move through the process with confidence and clarity—no matter what stage you’re in.

If you’re thinking about stepping away in the next few years—or exploring the idea of acquiring a business—now is the time to start the conversation.

Reach out for a confidential consultation. Let’s talk about the next chapter for the business you’ve worked hard to build.