AMA: I'm Darren Smith and I've just implemented a business succession plan, Ask Me Anything!

Primrose-G  another great question which have touched on above in an earlier question. I am going to cheat a little and perhaps focus on 2 points, The preparation in advance is what facilitated the smooth transition. Doing some of the pre thinking, structuring and planning as well as preparing emotionally without the time pressure of the transition is so important

Keeping emotions in order during the transition is also important which really is aided by effective communication between the parties. Even though our transaction only took 7 weeks from approach to announcement there were lots of questions asked about the business and what it had achieved or built. With these probing questions it is hard not to get the arches up and get defensive. The reality is it is just part of the process of discovery. I think you also find that in absence of communication it is easy for either side to read into silence motives etc that may or may not be there.  Even with the most trusted parties absence of communication creates a space for people to fill in gaps on motive. So short answer is keep communication up throughout both internally where you can and also externally with the purchasers.