Mark M McCormick, Certified Public Accountant
Insights · The Next Phase

Practice the Next Phase Now: Four Questions for Owners

Part 5 of The Next Phase: four questions that help owners look forward, and the financial steps that make a transition work.

By Mark M. McCormick, CPA · October 21, 2026 · 4 min read
Mark M. McCormick, CPA

Owners who make the smoothest transitions tend to start looking forward well before the transition date. Four simple questions help:

They apply whether the next phase is a sale, a succession plan, retirement or simply stepping back.

What am I looking forward to?

Many owners can describe in detail what they want to get away from, and very little about what they want to move toward. A transition goes better when there is something on the other side: time with family, travel, a hobby, a board seat, a new venture. Naming it also makes the financial planning concrete, because it shows what the next phase will cost.

What can I enjoy today?

The next phase is not only a future date. Owners who wait until the sale closes to start enjoying life often end up working years longer than they planned.

What part of the next phase can I practice now?

This is the most practical question on the list. Practicing the next phase means trying out pieces of it while the business is still running:

Each trial reveals something about the business and about the owner’s readiness, and each one makes the eventual transition smoother.

How well did I live today?

This one has no spreadsheet. It is a reminder that the point of all the planning is a good life, today as well as later.

The financial side of looking forward

Practicing the next phase works best with a few financial basics in place:

The bottom line

The whole series comes down to five reminders: Protect the bridge. Trust the plan. Take care of your health. Enjoy the time. Stop trying to earn your life.

For owners starting to think about their own next phase, planning the financial side early makes every other part easier.

The Next Phase: a five-part series

Planning your next phase?

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Mark M. McCormick, CPA
Mark M. McCormick, CPA is a fractional CFO for food, agriculture and beverage companies, with 35+ years as a controller, CFO and CEO in the industry. More about Mark