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Selling your business isn’t the end of the story. It’s the beginning of a new chapter. While financial and operational considerations often take centre stage during exit planning, one area that deserves equal attention is legacy. What happens after the deal closes? How do you want to be remembered? What role—if any—do you want in the future of the company you built?
A smooth post-sale transition doesn’t just protect your business. It also shapes your reputation, relationships, and peace of mind. Here’s how.
Legacy: More Than Just a Name
For many Alberta business owners, legacy isn’t about ego, but rather, impact. You’ve created jobs, served your community, and developed a company culture rooted in your values. Legacy planning means thinking beyond the transaction. It’s about ensuring the company continues to operate with integrity, and that your vision is honoured, even if you’re no longer at the helm.
Questions to ask yourself at this stage include:
- Do I want my name or values associated with the company long-term?
- Are there community or charitable initiatives I want the business to continue supporting?
- Should I outline these wishes formally in the sale agreement?
A strong legacy plan may include staying involved in a limited advisory role, mentoring the next leader, or setting conditions for future company conduct.
Different Types of Exiting Owners Demand Different Transitions
Not all owners envision the same post-sale future. At Alberta Business Exchange, we work with sellers who fall into a few key categories, each requiring a different strategy.
The Clean Break Owner
Some business owners are ready to retire or move on completely. Their goal is a full handoff and a well-earned break. If this is you:
- Be clear in the sale about your limited involvement post-closing
- Set firm timelines for handover or advisory periods
- Ensure all knowledge transfer is documented in advance
- Focus on preserving reputation through a seamless customer and staff communication plan
The Family Legacy Builder
If you’re passing the business to family or a long-trusted employee, your connection will likely remain strong.
- Consider a phased exit over 1–3 years
- Remain involved as a mentor, board member, or part-time advisor
- Communicate openly to balance authority with empowerment
- Define boundaries to avoid interfering with new leadership
The Growth Partner
Some sellers want to see their business expand under new ownership, especially when selling to an investor or strategic buyer and continuing to hold a stake in the company.
- You might stay involved as a consultant or minority shareholder
- Ensure your influence is structured formally, with compensation and timelines
- Use your institutional knowledge to fuel innovation without slowing down progress
Legacy is Strategy
Whatever path you choose, the way you exit sends a message to your employees, clients, and industry peers. Revisit your personal goals (as discussed in Step 2 of this exit planning process) and align them with the kind of legacy you want to leave.
Ready to Leave a Lasting Impact?
Whether you’re stepping away completely or staying involved, Alberta Business Exchange can help you craft a post-sale plan that protects what you’ve built. Book a confidential consultation today.