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Transferring Management Duties

As owners work toward their exits, they need to transition a variety of management duties to the new owner. To do so, it is important to create, at least five years in advance of your target date, a time-based plan that determines who will take over which tasks within a set timetable.

Some owners are able to accomplish this fairly quickly because they’ve already delegated management responsibility. We can help you figure out where you are on the management transition continuum. Below is an overview of the types of duties that need to be transferred:

  • Financial Matters
    • Budget Development and Management
    • Cash Flow Management. Invoicing and Collections
    • Increasing or Reducing Debt.
    • Funding for Future Growth.
    • Business Contracts and Obligations
  • Infrastructure/Capital Investment
  • General Business Duties

As always, contact me for the answers to your questions about the time required to plan an insider transfer or about any other exit planning issue.

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