Over the course of the next decade, the landscape of business ownership in this country will begin to shift dramatically. The sea-change has already begun as millions of baby boomer business owners begin to contend with retirement and the importance of exit planning begins to sink in.

As recently as 2014, roughly 66 percent of all businesses were owned by baby boomers. Unfortunately, many baby boomer business owners don’t begin to think through their exit strategy until they are on the brink of retirement age, which puts them at a significant disadvantage.

One factor that complicates the exit strategies of baby boomer business owners is the question of who will take on leadership of their company once they retire. In past generations, business owners would usually pass their business on to their children, but because baby boomers had fewer children than their parents, many baby boomer business owners are forced to face challenges regarding succession and liquidity.

If you’re a baby boomer business owner who has not yet begun the exit planning process and wonders when is the right time to get started, the answer is now. Depending on how close you are to retirement, here are some questions you need to answer and some ideas to help you begin your exit planning. Remember one way or another you will exit your business.

You need to plan now. Exit planning requires careful consideration of important questions. These are the types of questions you should begin to think through:

What happens if you are not able to run the company? Who will run the company? How will you be able to provide for your family’s financial needs?

If you plan on leaving your business to your children, then you must determine what you will need in retirement. Think about how to structure the transaction to balance the needs of your children with your needs. Begin to plan the transition of leadership. How will you prepare your successor to run the company once you are gone?

If your children are not interested, do you want to transition the business to your current management? How do you structure the transaction? Who is involved? What will the leadership structure look like? How do you meet your financial requirements in retirement? Is an Employee Stock Ownership Plan (ESOP) right for your business?

Do you want to sell the business to a third party? How much do you need in retirement from the sale of your business to continue to sustain your standard of living? What price do you need to provide those funds? Remember, the largest asset of business owners is the unknown value of their business. Who would be interested in buying your business? What do you need to do to increase value in your business when you are ready to sell?

Once you have begun to think through the details of your exit plan, you’ll need a skilled team of advisers to help you understand the issues you may run into and provide you with the information you need to meet your goals for your future. They will then guide you through the transition and through any necessary transactions. Your team of advisers should include a certified exit planner, an accountant, an attorney, a financial adviser, an investment banker, and an executive coach.

Whether or not you know the value of your business, it’s never too early to begin the process of increasing its value. Consider any necessary capital improvements and work on improving your company’s earnings to create better value. Look at all your expenses and cost of goods to find ways to improve your margins. All of these steps will position your business to better provide for you once you retire.

For younger business owners, the current reality of the baby boomer generation should act as inspiration to begin your exit planning sooner rather or later. While no one can be sure what the future will hold, by planning strategically and intelligently, you’ll be better equipped to handle whatever comes your way.

Allan Hirsh, an executive coach at Allan Hirsh Advisors and the host of AHA Business Radio on CBS Sports Radio 1300AM, can be reached atallan@allanhirshadvisors.com.