Business Transition Planning Process

A Compass and a Map™

Any good planning process must involve both a Compass — an overview of the direction the plan is going in — and a Map — a detailed, step by step list of what has to be done and when.

LIFT Model


At Boston Legacy Planning, LLC, the Compass is the LIFT™ model of exit planning.   The Map is a comprehensive Process Diagram – a list of steps that must be taken to achieve the individual business owners goals for themselves and their business.

A good process requires both a Compass and a Map because people are different.   Entrepreneurial, right-brained types needs a quick overview, and can feel bogged down by too much detail.  The Compass gets them moving in the right direction immediately.  On the other hand, analytical, left-brained people don’t want to move too quickly.  They need a clear foreseeable process to feel comfortable moving forward.

For both types, the starting point in our process is Business Transition Planning 101, a class in which we go over things that every business owner needs to know about leaving their business, and explain the LIFT™ Model and our step-by-step Process Diagram.

The LIFT™ approach begins with a full assessment of the business and its values under different exit options, as well as the owner’s current financial situation and their emotional readiness to leave the business.

It then delves deeply into the business owner’s goals for themselves, for their families, and for the business itself.  The owner’s situation and goals will determine the available exit options.

With those options in mind, we next assess the risks that could interfere with accomplishing those goals, and get a clear picture of the financial aspects of each available exit option.

The LIFT™ Model depends upon a collaborative team of professionals providing information and advice to the business owner each step of the way.  We can work with the owner’s existing advisors, or can supplement the team by suggesting additional advisors who can provide the expertise needed to develop and implement a business exit plan that works.

More information about the process of comprehensive, integrated business transition planning  is available at the live class Business Transition Planning 101 or at the webinar, Introduction to Business Transition Planning.  For scheduling information see the Class Calendar page.