You’ve spent 10, 15, or even 20 years building a successful business. It’s been your passion, your livelihood—but now what?

Retirement is on the horizon, and one critical question remains:

Who will take over your business when you step away?

Your children may or may not want to continue the legacy. Your business—whether it’s a family-owned restaurant, a law firm, or a service-based company—might have been in your family for generations. Or perhaps you built it from the ground up.

So what do you do?

🔹 Do you close shop?

🔹 Do you sell it?

🔹 Do you train someone to take over and partner with them?

There’s no one-size-fits-all answer, but one thing is clear: If you don’t plan ahead, you might leave money on the table—or worse, watch your business disappear when you retire.

The Reality: Most Small Business Owners Are Nearing Retirement

Let’s look at the numbers:

📊 33.2 million small businesses exist in the U.S. (as of 2023).

📊 Baby Boomers own 37%—that’s roughly 12.3 million businesses.

📊 Gen X owns 47%—about 15.6 million businesses.

That means the majority of small businesses are owned by individuals who plan to retire within the next 10 to 15 years.

Yet, most don’t have a succession plan.

What Are Your Options?

There are three common exit strategies most business owners consider:

1️⃣ Close the Business – You’ve made your money, saved for retirement, and no one wants to take over. So, you shut it down and walk away.

2️⃣ Sell It – You find a buyer, cash out, and move on to the next chapter.

3️⃣ Build Leadership From Within – You identify, train, and mentor someone—either internally or externally—to take over. This ensures the business continues generating income while you step back from day-to-day operations.

The third option is often the most rewarding because it allows you to:

✔️ Retain ownership and continue earning passive income.

✔️ Stay involved at a high level without handling daily operations.

✔️ Ensure your business legacy continues beyond your retirement.

Finding the Right Successor

So, how do you find the right person to take over your business?

✅ Hire externally—Seek a seasoned professional with the same passion and vision as you.

✅ Develop internal leadership—Identify and mentor someone within your company who has the drive and potential to step up.

My Own Experience With Leadership Transition

At 28 years old, I met Jose, a nonprofit leader who founded Education-Based Latino Outreach (EBLO).

We had a lot in common—both from New York and both passionate about community work. Jose had built a thriving nonprofit while working a full-time government job in Baltimore. However, as he approached retirement, he needed a plan to transition into running EBLO full-time.

For two years, we worked together to strengthen leadership, secure funding, and expand the organization.

Then, the unexpected happened.

Just six months after retiring from his government job, Jose passed away.

But here’s what made the difference—because of the leadership transition plan we put in place, EBLO continued operating for another 15 years.

This experience showed me firsthand:

💡 Without a solid succession plan, everything you built can disappear overnight.

Why Business Owners Should Consider Mentorship & Partnership

If you own a business, look around your community:

🔹 Who’s hungry for an opportunity?

🔹 Who has the drive to lead?

✅ Having these conversations early can help you identify a successor.

✅ You can sell part of your business, retain equity, and still earn passive income.

✅ Big corporations do this all the time—founders step back but remain on the board, still getting paid for the company they built.

So, why can’t small business owners do the same?

What’s Next?

Think about your exit strategy now—not when you’re ready to retire.

It’s never too early to plan for the future.

So… what’s your strategy?

📩 If you’re thinking about business succession, DM me, schedule a 15-minute call, or reply to this email. Let’s see if a fractional leadership transition plan is the right solution for you.