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Statistics Canada recently revealed half of Canadians who own small and medium-sized businesses (SMBs) are between the ages of 50 and 64 – an age when employees typically make full use of retirement programs such as workplace savings plans. Yet, owners appear less likely to plan ahead. According to the Exit Planning Institute’s 2013 State of Owner Readiness Survey, 83% of SMB owners have no written transition plan and 49% have done no exit planning. Here are some tips to get you started at any stage.

Ottawa-based Bob Labrecque, national director of succession planning with Manulife’s Advisory Services, says it’s never too early to jumpstart succession planning. “A succession plan should drive your business plans from year to year because it tells you where you’re going and what kind of business you want to build,” he says. “You want to make sure you build a business that lasts longer than you do.” Building your plan early means giving yourself time to identify and assess potential successors, inside or outside your business.

If you’re looking to exit in five to 10 years, it’s crucial to assess your business as quickly as possible to determine which one of three options is best for you: develop succession from within, merge your business with another organization or sell to a third party. This is also a good time to have a professional third party valuation completed to better understand the value drivers of your business.

Although not ideal, there are often circumstances that make it necessary to leave earlier than expected, putting you in the position where you must quickly secure, assess, and train the next generation of management.

Regardless of the stage your business is at, Labrecque recommends assembling a succession team that includes a financial planner, an accountant, lawyer, valuator, business planner, and even a psychologist or life coach to help ease you into retirement.