The fourth stage of the life cycle is often called decline; however, your business may still be going strong. You may merely want to arrange a transfer to family members or a sale to new owners. The new owners can continue to run the business as you have, or they may wish to explore other options and go through the life cycle again. Your role is now changing, and everything is open to examination. One of your primary concerns is likely how to ensure your income in retirement is at the level you have come to expect and appreciate.

Because this is a major transition stage, all issues regarding risk management, business continuation and employee benefits should be reviewed for the departing owner as well as the new owners.