Dear Lara,

I’m starting to think about stepping back from my business in the next few years, but I’m finding it harder than expected to picture life after it. This company has been such a big part of who I am—how do I prepare financially while also figuring out what comes next personally?

Sincerely,

Thinking About What’s Next

Dear Thinking About What’s Next,

You’re not alone. For many business owners, stepping away isn’t just a financial decision—it’s a deeply personal one. After years of building something meaningful, it’s completely natural to feel both excitement and hesitation. With the right planning, it’s possible to support both your financial goals and your emotional transition.

1. Consider your path forward.

Before focusing solely on the sale, take time to consider what your next chapter could look like. Whether that’s staying involved in a new capacity, mentoring others, traveling, or pursuing something entirely different, having a sense of purpose beyond the business can make the transition feel more intentional and less abrupt.

2. Start with a solid support team.

You don’t have to navigate this alone. A coordinated team—financial advisor, accountant, lawyer, and potentially a business broker—can help you clarify your goals, structure the sale effectively, and ensure both the financial and legal details are handled properly. The right guidance can bring both clarity and confidence.

3. Talk through different scenarios.

There’s more than one way to transition out of a business. Selling to a third party, transferring ownership to family, or transitioning to key employees all come with different financial outcomes and personal implications. Exploring these options early helps align your decision with both your values and your long-term plans.

4. Consider early involvement.

If you have a potential successor in mind, bringing them into the process sooner rather than later can make a meaningful difference. Gradually sharing responsibilities and knowledge can ease the transition, strengthen continuity, and give you reassurance that the business is in good hands.

5. Document your legacy.

Capturing your business’s mission, values, and guiding principles in writing can help preserve what you’ve built. It provides direction for future leadership and helps ensure the culture and purpose you established continue beyond your involvement.

Selling your business is a significant milestone. With thoughtful preparation and the right support, you can move forward with clarity and confidence—both financially and personally. Join us at our valuable Business Succession Planning event on May 12th, 6-8PM at Old House Hotel in Courtenay.

Email or phone to RSVP andrew.cornell@rbc.com | 778-335-9430.

About Lara Austin

Lara Austin is a Portfolio Manager and Wealth Advisor for RBC Dominion Securities in the Comox Valley. She believes that financial literacy along with transparency, trust, and diligence to detail is a cornerstone of successful client relationships. For further information about this topic, she can be reached at lara.austin@rbc.com or at 250-334-5606.