Succession planners often recommend planning begin 5 years in advance of the anticipated exit. However, there is no hard rule for this, and a successful exit can occur within a year, sometimes less.
In a most ideal scenario, succession planners will typically recommend that business owners should start the succession planning process 5 years in advance of the anticipated transition or exit. This allows them to thoroughly prepare, identify and develop potential successors, and ensure a smooth and successful handover of the business.