Experts emphasize the importance of living a “heart-heathy” lifestyle – regular exercise, good diet and stress-management practices – to reduce our risk of heart disease. The same basic idea applies to a business. One of the three ways to increase the value or “health” of a company is to reduce risk. This just so happens to come with the added benefit of reducing business owner stress in the long run.

Your leadership team has likely been with you through ups and downs. They are likely a good part of your success and trusted allies in building your business. They are also valuable assets as you build value and transition from your role as owner.

How do I and when do I talk to my leadership team about my plans to transition? If you are a business owner, the answer to this question is important to you.

Cindy Reid-Shelton appeared on Poised for Exit with Julie Keyes to talk about the importance of contingency planning for businesses.