Do you have a transition plan? Let EFBC help!

In this Q&A Liz Fidanovski shares what you need to know about TPA and why it is one of the most important EFBC member benefits that you should take advantage of.

What is TPA?

TPA stands for Transition Preparation Assessment. At some point, we all must transition. It could be in five years, 10 years, or even 20. TPA starts the dialog within your company around transition.

The first step of TPA is completing an online survey facilitated by JSA Advising. The survey only takes about 20 – 25 minutes to complete and we strongly encourage you to complete the assessment in one sitting. But if that is not possible you will receive a link to revisit and complete the survey if necessary.

The assessment survey will identify where you are in terms of transition and where you think the company is going. The rest of the leadership team completes the survey as well so we can see where they are in terms of transition and where they think the company is going.

A composite report is prepared that will identify where there are gaps and where you are in sync. From there we build a roadmap to help guide you through the transition process. TPA aligns the team and identifies things that need to be done to prepare for the transition and gives you the time to do it right.

Along with the survey and roadmap, TPA includes 10 hours of consultation from the Emeritus Group and EFBC Strategic Partners.

How many people can be involved in TPA?

Up to five company members can participate in the assessment survey. We encourage you to have multiple members of your business and family take the assessment to obtain a broader, more detailed transition roadmap.

How are the assessment survey results shared?

Once your assessment has been processed, someone from EFBC will arrange a time to meet individually with you to review a summary and interpretation of your TPA results. Then you meet as a cohesive group to review composite results and identify some initial next steps.

How long does the TPA process take?

Once you initiate TPA, you have two weeks to complete the assessments. Then it takes about two weeks for the reports to be compiled.

The entire TPA is typically a year-long process. Depending on where you are as a company, it may take a bit longer. Or if everyone is pretty much in sync it may be a shorter process.

When should you begin the TPA process?

It’s never too soon to think about transition! But we recommend that you start the assessment at least five years before you anticipate transitioning. Even if you may be 10 years out, take it. You may be thinking 10 years, but your partners are thinking 20. The assessment will uncover if you are or are not on the same timeline.

How much does TPA cost?

This amazing resource is free of charge for EFBC members. The cost for non-members is $3,000.

What is the Emeritus Group?

The Emeritus Group is a team of current EFBC members who have already embarked/completed the process of transitioning their business. Their experience is an invaluable resource as you make your transition plans.

Why is TPA such a valuable resource for EFBC members?

Approaching transition can be very overwhelming. TPA helps you narrow your focus. This is the first step in the process. Having key team members acknowledge where they are at and where they think the company is going helps to identify where there is alignment, or where there is not.

And it provides support from a neutral party. Emotions can run high when tackling weighty issues like transition, so it’s helpful to have an unbiased point of view outside of that emotional world.

There is also value in accountability. The Emeritus team checks in with you throughout the process and is there to help hold you accountable.

TPA allows you to take a stance on where you think the company and you are going. But nothing is set in stone. We help facilitate the tough emotional (and sometimes scary) conversations.

It also opens opportunities. For example, if it is determined that the transition is 10 years out there are more opportunities to choose from.

To find out more about EFBC's TPA program Click Here!

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