{"id":818,"date":"2019-03-06T14:03:04","date_gmt":"2019-03-06T19:03:04","guid":{"rendered":"http:\/\/revealareleve.hec.ca\/?page_id=818"},"modified":"2021-03-25T16:30:39","modified_gmt":"2021-03-25T21:30:39","slug":"time-frame","status":"publish","type":"page","link":"https:\/\/revealareleve.hec.ca\/en\/process\/transfer-process\/time-frame\/","title":{"rendered":"Time Frame"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_4 1_4 fusion-one-fourth fusion-column-first\" style=\"--awb-padding-bottom:15px;--awb-bg-color:rgba(224,78,57,0.8);--awb-bg-color-hover:rgba(224,78,57,0.8);--awb-bg-size:cover;width:25%;width:calc(25% - ( ( 4% ) * 0.25 ) );margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-content-boxes content-boxes columns row fusion-columns-1 fusion-columns-total-1 fusion-content-boxes-1 content-boxes-clean-vertical content-left content-boxes-icon-on-top\" style=\"--awb-iconcolor:#003c71;--awb-hover-accent-color:#ffffff;--awb-circle-hover-accent-color:#ffffff;--awb-item-margin-bottom:40px;\" data-animationOffset=\"top-into-view\"><div style=\"--awb-backgroundcolor:rgba(255,255,255,0);--awb-iconcolor:#003c71;border-color:rgba(255,255,255,0);\" class=\"fusion-column content-box-column content-box-column content-box-column-1 col-lg-12 col-md-12 col-sm-12 fusion-content-box-hover content-box-column-last content-box-column-last-in-row\"><div class=\"col content-box-wrapper content-wrapper link-area-link-icon icon-hover-animation-none\" data-animationOffset=\"top-into-view\"><div class=\"heading heading-with-icon icon-left\"><div class=\"icon\"><i style=\"border-color:#333333;border-width:0px;background-color:#ffffff;box-sizing:content-box;height:120px;width:120px;line-height:120px;border-radius:50%;font-size:60px;\" aria-hidden=\"true\" class=\"fontawesome-icon fa-hourglass-half fas circle-yes\"><\/i><\/div><\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_3_4 3_4 fusion-three-fourth fusion-column-last\" style=\"--awb-bg-size:cover;width:75%;width:calc(75% - ( ( 4% ) * 0.75 ) );\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p>Ideally, the transfer process should be a long-term undertaking. Having a good idea of the time that you have to complete the process will allow you to make the necessary preparations for each of the steps. The type of transfer that is favored will have an impact on the amount of time that you will need. Normally, transferring the business to family members or to your employees will take more time than selling it to a third party. Thus, at the very beginning of the transfer process, it is essential for you to answer the following question:<\/p>\n<p><strong>How much time do you have to complete the succession process?<\/strong><\/p>\n<ul>\n<li>You have very little time:\n<ul>\n<li><em>There is an emergency. An unexpected event (an illness, a sudden death, an accident, etc.) forces you to find a successor or take over the business rapidly. Thus you have very little time to devote to the transfer process.<\/em><\/li>\n<li><em>Or perhaps you always believed that you would take over the family business or the one managed by your boss, but things have turned out otherwise because the owner has decided to transfer the business to someone else or chosen not to relinquish control of the business.<\/em><\/li>\n<\/ul>\n<\/li>\n<li>You have a few years:\n<ul>\n<li><em>The clock is ticking. Sometime during the next few years, you intend to sell or transfer your business or you intend to undertake a succession or acquisition project that will allow you to take over someone else\u2019s business. But you are very busy, and up until now, you have had little time to devote to planning.<\/em><\/li>\n<li><em>You always believed that your children would take over your business, but it turns out that this is not going to happen. You have to change your plans rapidly and rethink your priorities.<\/em><\/li>\n<\/ul>\n<\/li>\n<li>You have at least ten years:\n<ul>\n<li><em>This is great news! You have an ideal time frame for a well-planned transfer process that respects your priorities as well as those of your business and your family. You will be able to develop the talent necessary for your business\u2019s future success by offering adequate training to potential successors (or buyers).<\/em><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>To estimate the amount of time that you will need for your transfer project, you can use the <strong>Progress towards transfer <\/strong>tool. You can also use the <strong>Planning worksheets<\/strong>\u00a0to properly plan the next steps.<\/p>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_2 1_2 fusion-one-half fusion-column-first\" style=\"--awb-bg-size:cover;width:50%;width:calc(50% - ( ( 4% ) * 0.5 ) );margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-button-wrapper fusion-aligncenter\"><a class=\"fusion-button button-flat fusion-button-default-size button-default fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" target=\"_self\" href=\"https:\/\/revealareleve.hec.ca\/en\/toolbox\/progress-towards-transfer\/\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Progress towards transfer<\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_2 1_2 fusion-one-half fusion-column-last\" style=\"--awb-bg-size:cover;width:50%;width:calc(50% - ( ( 4% ) * 0.5 ) );\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-button-wrapper fusion-aligncenter\"><a class=\"fusion-button button-flat fusion-button-default-size button-default fusion-button-default button-2 fusion-button-default-span fusion-button-default-type\" target=\"_self\" href=\"https:\/\/revealareleve.hec.ca\/en\/toolbox\/planning-sheets\/\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Planning worksheets<\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-2\"><h5>References:<\/h5>\n<\/div><div class=\"fusion-text fusion-text-3\"><ul>\n<li class=\"body-paragraph\">Le Breton\u2010Miller, I., Miller, D. &amp; Steier, L. P. (2004). <a href=\"https:\/\/doi.org\/10.1111%2Fj.1540-6520.2004.00047.x\" target=\"_blank\" rel=\"noopener noreferrer\">Toward an integrative model of effective FOB succession<\/a>. <em>Entrepreneurship Theory and Practice<\/em>,<em> 28<\/em>(4), 305-328.<\/li>\n<li>Saint-Cyr, L. &amp; Richer, F. (2003). <a href=\"https:\/\/www.pum.umontreal.ca\/catalogue\/preparer-la-releve\" target=\"_blank\" rel=\"noopener noreferrer\"><i>Pr\u00e9parer la rel\u00e8ve: neuf \u00e9tudes de cas sur l&#8217;entreprise au Qu\u00e9bec<\/i><\/a>. PUM.<\/li>\n<\/ul>\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"parent":108,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-818","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/revealareleve.hec.ca\/en\/wp-json\/wp\/v2\/pages\/818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/revealareleve.hec.ca\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/revealareleve.hec.ca\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/revealareleve.hec.ca\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/revealareleve.hec.ca\/en\/wp-json\/wp\/v2\/comments?post=818"}],"version-history":[{"count":47,"href":"https:\/\/revealareleve.hec.ca\/en\/wp-json\/wp\/v2\/pages\/818\/revisions"}],"predecessor-version":[{"id":4288,"href":"https:\/\/revealareleve.hec.ca\/en\/wp-json\/wp\/v2\/pages\/818\/revisions\/4288"}],"up":[{"embeddable":true,"href":"https:\/\/revealareleve.hec.ca\/en\/wp-json\/wp\/v2\/pages\/108"}],"wp:attachment":[{"href":"https:\/\/revealareleve.hec.ca\/en\/wp-json\/wp\/v2\/media?parent=818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}