b'operational role in the business post-close. For example, do you still want to be captain of some trips but have no other responsibilities? (Actually, that sounds kind of nice right now!) Do you care about what happens to your employees after the sale? Are you comfortable providing seller financing? Do you want to maximize the value of the transaction? These are all personal questions and spending time to think through what you truly want can help you find the right buyer and transaction structure in the end. 5. UNDERSTAND THE PROCESSDeals can be complicated. If you are working with an external party, there can be a lot of financial jargon and certain processes you will want to understand. Furthermore, deals can take a long time. Every deal is different, but most people dont just snap their fingers and sell the next week. A full process can take months and even years. Under-standing the steps in the process, and the anticipated timelines, can help prepare you for whats ahead. (See chart on previous page.) 6. READ YOUR LEASEA final short but important point: If you have a lease, make sure you rework it to: a) be long duration and b) have the ability to transfer in the event of a sale. You want to negotiate that now, when the pressure is off and avoid letting your landlord hold up (or even kill) a good deal. Weve seen it happen before, and its not pretty. I know this has been a lot to digest all at once. If you take away just one thing from this article, its this: there has never been a better time to start planning for transition than today. So get going.LET ASSUREDPARTNERS MCM MANAGEYOUR INSURANCE SO YOU CANAbout the AuthorFOCUS ON YOUR VOYAGEAssuredPartners MCM is a leading independent TRISH HIGGINS insurance brokerage based in the Pacic Northwest. Our FOUNDING PARTNER, CHENMARKCEO, CAPN FISHS CRUISES combined experience placing insurance and managing the marine industrys unique risks.Trish Higgins is a founding partner at Chenmark, a Portland,Whether were working with vessel operators, builders, Maine-based firm focused on the acquisition and long-term ownershipofsmallbusinessesthroughoutNorthAmerica. At Chenmark, Trish is currently acting CEO of Capn Fishs Cruises, a Boothbay Harbor-based whale watch, puffin tour,AssuredPartners MCMand sightseeing operation founded in 1936, which ChenmarkContact: Damon L. Nasmanacquired in Feb. 2020. Outside of work, Trish can be foundDirect Line: 206.262.6375spending quality time with her husband and business partner,Damon.Nasman@assuredpartners.comJames, and their two kids. She also tries to get to her local Crossfit box as much as time permits. www.assuredpartnersmcm.com11 JUNE 2022'