Decide on your long-term role. Some business owners want to remain involved after retirement, while others want to divest themselves entirely. Business owners must give ample consideration to what they want their long-term role to be. If they want to remain somewhat involved, then developing a new organizational structure, including who will have final say on important decisions, will be necessary.
Pick and share a target date for the transition. A deadline for the transition to new leadership will ensure everyone at the company treats it seriously. Target dates can change, but the establishment of the date can motivate business owners to make the changes necessary to ensure a smooth transition. A target date gives those who will be assuming leadership roles time to reorganize staff so the business continues without missing a beat once the change at the top goes into effect. Target dates also give staff ample time to learn and prepare for new roles they may move into once the new leadership takes over.