5.How much time is needed to go through the exit process?

The time taken to exit the business is highly dependent on the type of exit that is planned. Ideally, the minimum time required for proper exit is one year. Within this year, the business owner can ensure that the successors have been chosen, informed, and are ready to take on the business once the owner exits. Furthermore, this time is necessary to ensure a smooth transition, particularly with the employees that will remain in the business. The main reason that it should take at least a year is financial. This time is needed for all finances to be evaluated and for clarity on how much the business owner should receive upon their exit. Where finances are concerned, business owners also need the year to ensure that they go through all the required legal channels and sort out any taxes.

6.Is there a need to train staff members for a smooth transition?

Yes, there is a need for training. A business owner exiting the business does not necessarily mean that the business is grinding to a total halt. It is typically just the business owner who is mandated to leave, while the other employees stay on to ensure the operations of the business continue. With new owners, updated systems and ways of working are likely to be put in place. To ensure that they can manage these situations, training should be done and evaluated so that there are no gaps in running the business.
