Unfortunately, these decisions will not sustain business momentum and will further delay many owners' exits. That's a significant problem for baby boomer owners who may be seeking to retire in the next 5-10 years.

In times of crisis or uncertainty, it's often human nature to make abrupt, reactive decisions or to adopt a passive, reactive posture. Over the course of the last 18 months, I've heard more than a few business owners say, "We're not going to make any major decisions right now." Others are saying, "We'll just wait another few years before thinking about our strategic options."

When it comes to ownership succession planning, however, the risks are always higher when a decision is deferred. That's true in good times and uncertain ones.

To Plan or Not to Plan

One major risk of not developing a strategic ownership succession plan or delaying plans is the loss of talented people. Without clarity of a long-range vision or expressed potential in future opportunities, your key employees or managers may think they have no reason to stick around. They may be lured away for a job that looks better without knowing they have a chance in their current situation to someday move up or to buy you out.

What's more, it takes years to develop your heir apparent. Business owners need multiple candidates over multiple years to see who is best suited as successor, which can be further complicated when the process entails family members.

A second risk of putting off plans is that you may inadvertently miss good opportunities that present themselves to you along the way.  Without a clear understanding of what you want to accomplish, what resources are going to be needed to get you there, and what strategic options might be attractive ways to accomplish your goals, you may not know when the perfect opportunity comes knocking at your door.

This is a delay that affects lifestyle choices and can be cut short by health and other aging problems.

Consider all your options

These and other risks cry out for business owners to evaluate all of their exit options.  Business owners who are committed to an ownership transition plan often want to leave a legacy. When they take the time to think more broadly and long term about what they'd like to do next, the idea of leaving something of enduring value - beyond their business - often becomes important to them.

There are several ways you can start planning for that right now.

First, talk to other business owners at social, networking and business events to gather different perspectives and experiences about the ownership transition process.

Second, take a vacation from your business, if you have responsible managers who are capable of running it for a short period of time, make time to step away so you can think about the big picture.

And third, talk with your trusted advisers, like your wealth manager, CPA, lawyer, and if you don't have one, make friends with an investment banker. Pick their brains to figure out what you can be doing now to accomplish your goals.

Business owners, like everyone else, gain tremendous peace of mind when they have the information they need to make informed decisions and to plan ahead. What business owners need now, more than ever, is a road map to acccomplish both their personal and business goals. Don't delay - start thinking and talking about the options in a proactive, systematic manner without feeling rushed.