Personal and Business Transition Plans are, therefore, critical aspects of the overall business succession planning process.

By completing such plans, a baby boomer may enjoy the following benefits:

• By having a clear vision of their life after work (via a Personal Transition Plan), they will be more mentally and emotionally ready for the transition to retirement process;
• The Business Succession Plan, developed with the aid of a team of advisers, can significantly increase the value of the business and, consequently, the amount the business owner will receive on selling their business, allowing them a more comfortable retirement financially; and
• The Personal Transition Plan will provide them with a more purposeful and rewarding life after the business.

The difficulties for the broader Australian economy – arising from business sales at less than full value (and consequent loss of value) and the health costs associated with ill-prepared retirees – can be significantly reduced with proper transition planning and, critically, implementation of this transition.