Is your business prepared for what tomorrow holds? 

As a business owner in the print and promotional products industry, you’ve built more than a company—you’ve built a legacy. Whether you want to plan for retirement, prepare for an unexpected life event, or simply safeguard your company’s future, having a legacy plan is essential. 

For nearly 50 years, Proforma has helped Distributor Owners grow their sales, optimize the value of their companies, and prepare for the eventual transition of their businesses. Discover 5 essential steps to help you preserve the business you’ve built, protect the people who rely on you, and lay out the groundwork for long-term success. 

Step 1. Assess Financials 

Whether you intend to pass your business down to the next generation or sell it to a trusted industry leader and move on to a new chapter of life, a complete financial assessment is critical to future success. Understanding the value of your business helps you make informed decisions, ensures financial viability, and fosters confidence in potential successors or buyers. 

How Can You Prepare? 

• Gather Current Profit/Loss Statements, Cash Flow & Projections 

• Compile Outstanding Debts or Obligations 

• Document Owner Compensation and Benefits 
• Complete a Business Valuation
  Did you know? 
  Proforma has over 100 years of combined experience conducting business valuations?  

Step 2. Define Legacy Vision 

Your legacy isn’t just about assets—it’s about values, relationships, and reputation. Now is the time to consider what kind of impact you want your company to have beyond your tenure. Define what your business means to you, your clients, and your team, and write down your short and long-term goals. 

Consider: 

• What do you want your business to be known for? 

• Who do you want to carry the torch? 

• How should clients feel when they work with your team in the future? 

• How long do you want your legacy to last? 

Step 3. Create a Formal Succession Plan 

A formal succession plan ensures business continuity and gives peace of mind to employees, customers, and family members. Having difficult or uncomfortable conversations now can help protect everyone in the long run and set your business up for a smooth transition. 

How Can You Prepare?  

• Identify Potential Successors 

• Create a Transition Timeline 

• Decide Ownership Transfer Structure (sale, gift, ESOP, etc.) 

• Develop Contingency Plans for Unexpected Events
   

Step 4. Mentor & Train Successors 

Knowledge transfer is vital to the continued success of the business you’ve worked hard to build. A well-documented standard operating procedure (SOP) library and a robust mentoring program ensure that your business can run smoothly even when you are not at the helm. 

How Can You Prepare? 

• Negotiate and Establish supplier & vendor agreements 

• Document logins, processes, and automation of software systems 

• Train successors on your most popular and profitable products  

• Communicate plan to team members and customers 

 Step 5. Prepare Legal Documents

Preparing proper legal documents secures your legacy plan by reducing the risk of disputes or confusion and making the business transfer clearly defined and legally enforceable. Legal documentation also protects your company, successors, and family by providing a structured plan for ownership transfer, management, and financial continuity. 

Ask Your Legal Representative About:  

• Establishing a buy-sell agreement for ownership transfer 

• Documenting operating or shareholder agreements 

• Creating or updating a will and/or trust 

• Drafting power of attorney & medical directives
   

Your Legacy Starts Now 

Legacy isn’t just something you leave behind—it’s something you build every day. With nearly 50 years of experience and a culture built on trust, respect, and partnership, Proforma has helped hundreds of Distributor Owners like you ensure the smooth transition of their business, preserve the legacy they’ve created, and protect the people they care about. 

This guide is your first step. Take the next step by building a roadmap that reflects your vision and consulting with a trusted industry leader, like Proforma, who can guide you through each phase of the legacy planning process. 

Knowing the current value of your business can help you know where to begin your optimization strategy. Click the button below to schedule your free business valuation today.

Whether you’re looking to grow your sales or preparing to sell your company to a trusted industry name, incorporating the latest technology is essential to optimize the value of your business. Click the link below to set up a call to discuss how Proforma can help you achieve your goals.