Engaging Business Owners Before, During, & After Transition 

engaging with business owners

In the world of entrepreneurship, change is inevitable, and business owners often work on their own schedules. Every business owner at some point, with or without a plan, faces a crucial juncture in their journey—the transition or exit from their business. Whether it’s retirement, a strategic sale, or passing the torch to the next generation, this transition is a pivotal moment in their life that comes with heavy financial and personal decision.  

What many fail to realize is that the success of this transition hinges on something far more profound than just paperwork and negotiations: it’s about the relationship between the business owner and their advisor(s). Engaging business owners before, during, and after their transition is of paramount importance.  

Let’s delve into why. 

Before the Transition: Building Trust and Understanding their Mission

As an advisor, it’s crucial to engage with business owners before they even begin to contemplate their exit. This phase is about building trust and understanding the unique circumstances surrounding their business. Business owners are often emotionally invested in their enterprises. They’ve poured their heart, soul, and countless hours into making it a success. By engaging early, you can develop a deep understanding of their goals, values, and aspirations.  

This understanding of mission is invaluable when helping them move through the planning process. The more you learn and uncover, the more customized you can get in the creation of a transition plan that aligns with their vision. Moreover, by building trust, you can ensure that the owner feels comfortable and supported throughout the process, especially since it is bound to change along the way. This is not merely a transaction; it’s a life-altering event that should be handled with care and ongoing advice and support from a trusted advisor.  

Engaging with Business Owners During the Transition: Guidance and Support 

The transition phase is the most critical and potentially tumultuous period for a business owner. It’s the time when the carefully crafted plans must be executed, and the owner must navigate the complexities of relinquishing control. Engaging business owners during this phase is like being their guiding light in the dark tunnel of uncertainty. 

Effective communication is key during this stage. Business owners need to feel they have a reliable partner who can answer their questions, address their concerns, and provide strategic advice. Whether it’s negotiating terms with potential buyers or ensuring a smooth transition of leadership, your involvement can make all the difference in the success of the transition. 

Another key element to this stage is adaptability. Leading up until this point, the plans and goals have likely changed a handful of times, meaning that the owner is going to rely on you to stay the course and be flexible as much as possible. The role of the Exit Planning Advisor is often related to the role of a quarterback. Working with the owner each step of the way, relaying information to and from the team of advisors, and keeping everyone involved on track is the job that you take on.  

After the Transition: Ensuring Long-Term Success 

Many advisors make the mistake of thinking their job is done once the transition is complete. However, the post-transition phase is just as crucial. This is the time when the business owner is adapting to their post-exit reality. They may be facing a newfound sense of purpose or grappling with the emotions of letting go. Your ongoing support is essential to ensure the long-term success of both the business and the individual. 

Staying involved after the transition can help address unforeseen challenges, capitalize on opportunities, and ensure a smooth transition of power or ownership. It also reinforces the trust and rapport built during the earlier stages, which can lead to enduring partnerships and future opportunities. It’s often found that after leading a client through a transition, they will then come to you for things such as wealth planning, estate planning, investment management, family governance, and more. For you, that means more work with the client as well as the potential for referral business resulting from the trust you spent so much time building.  


A longtime BEI Advisor, Nick Niemann, shared in a 2023 BEI National Conference session the four key mindsets that come to play in engaging clients and staying involved with them through their business owner lifecycle.  

  1. Begin with the End in Mind. As an Exit Planning Advisor, a business owner will rely on you to provide the big-picture view and keep the end goal in mind throughout the process.  
  1. Start with Simple. Some owners will only comply to an Exit Planning engagement if they can see results first. Perhaps starting with a small piece of the puzzle – such as business continuity instructions or a buy-sell agreement, will create a sense of urgency and clarity for the client.  
  1. Go For Great – Not Perfect. Advisors make mistakes too. When engaging business owners on such an important planning event, it’s helpful to be open and vulnerable with the owners as you would like them to be with you. If you keep the mission of the owner, as well as the scope of the engagement in mind throughout the process, you are bound to find solutions to any hiccup that might come up along the way.  
  1. All Plans are Firm… Until They Change. Adaptability is a key quality of a good advisor. Knowing that plans will change along the way, and being open to re-visiting goals and reassuring clients is all part of the all-important engagement process. 

The importance of engaging with business owners before, during, and after their transition cannot be overstated. It’s not just about securing a deal; it’s about honoring the legacy of the business and the dreams of the owner. By building trust, offering guidance, and providing ongoing support, you can help ensure that this significant life event is not just a success – but a fulfilling and transformative experience for everyone involved.  

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