The business transfer process has several stages, and each one plays a role in ensuring the success of the succession. Every business transfer is different because the contexts, the time frame, the actors involved, and the type of transfer all influence the way that it unfolds. The diagram on the right presents the general stages of the transfer process. Variations of the process are presented in the section Types of transfer.
Because contexts evolve, your succession should be a dynamic process that is periodically reviewed. Your time constraints and the actors involved can also change. Therefore, you must consider adjusting your transfer process whenever new developments occur.
THE FOUR FACTORS THAT INFLUENCE THE WAY THAT THE TRANSFER PROCESS UNFOLDS
- Le Breton‐Miller, I., Miller, D. & Steier, L. P. (2004). Toward an integrative model of effective FOB succession. Entrepreneurship Theory and Practice, 28(4), 305-328.