Selling your business doesn’t have to mean walking away. Depending on the size of the company and the owner’s role, transitions can take anywhere from a few months to a few years. In almost all cases, the buyer will expect you to stay on board to shorten his or her learning curve and transfer key relationships.

Typically a four to eight week transition period is included in the sale. After that, the seller is sometimes retained as a consultant at a negotiated fee. Other times, the seller negotiates a long-term employment contract and maintains daily involvement for years.

Owners who want to sell and get out quickly should focus on developing a good management team. Start introducing your key employees/managers to major customers and vendors and delegate new responsibilities.

The more capable the remaining managers are, the less time you’ll need to spend transitioning in the new owner. Plus, a well developed team usually adds value in a sale, so you’ll be doing yourself a double service.

On the flip side are those owners who would like to sell now but aren’t quite ready to quit working. Owners might sell early to get a premium price while the market is in their favor (like right now) or to relieve themselves of unwanted administrative and management duties.

Either way, long-term employment contracts can be structured into a sale agreement. You get to stay on board and work with the business a few more years, generally doing the work you like best, while still drawing an income and benefits.

Similarly, some owners maintain a minority interest in their company after a sale. The original owner stays on board but uses the new owner’s capital to grow the business and take it to the next level, often driving up the value of their own minority share.

It’s a win-win scenario. The original owner gets to take money off the table and diversify his investments. He sleeps well at night knowing the majority of the business sold at a strong value when the market was at a peak.

Meanwhile, the buyer retains a seasoned leader and minimizes risk to her own investment. With a vested interest still at stake, the seller may work harder to ensure the transition is smooth and set the buyer up for success.

if you want to structure employment conditions into your sale, create an auction environment. Look for a business intermediary who has proven success at generating multiple offers. That allows you to maintain leverage in the negotiations.

With multiple offers, you can afford to choose the buyer that’s right for you—whether that means highest price, deal structure, or a favorable employment contract.

The moral here is twofold. First, don’t think you’re going to walk away the day after the sale. Sit down with a business intermediary to understand the true timeline. Second, if you want to take advantage of the market premium but you’re not quite ready for life as a fulltime golfer, you can sell now and maintain a long-term role in the company.

Scott Bushkie is President of Cornerstone Business Services, a lower-middle market M&A firm with offices throughout the upper Midwest .  Reach him by phone at (920) 436.9890