Creating your initial Succession Plan

Anna Stubbs • April 3, 2023

A Succession Plan is about maximising the value of your business so you can achieve a better outcome when it's time to exit. Many business owners don't think about a Succession Plan until they're ready to sell the business. However, it takes 3-5 years (minimum) to define and execute an effective Succession Plan.

1. Start by clarifying your business and personal goals.
Establish what you want the business to deliver to you personally. Then, set business goals that will allow you to achieve your personal goals. This will help you plan for extracting the value you require to enjoy the lifestyle you wish to lead upon succession.


2. Your vision for the business.
Succession Planning forces you to clarify and discuss your vision for the business, which will play a huge part when transferring to new ownership. Vision ultimately enables a more effective working culture, helping to align and prepare your team for succession. When your team understands the vision and how their key responsibilities and tasks contribute to the realisation of this, they become more engaged. This helps develop a more stable environment; one that's receptive to adopting new leadership and ownership.


3. Establish your business support network.
It’s important to take time out from running your business to work on developing it. Engaging your important business advisors will provide fresh and impartial perspectives at this potentially emotional time. Decision making requires a level head and independent advice to ensure you achieve your desired results.

Your solicitor may also be involved at the planning phase and will definitely be involved in drafting and signing the sale and purchase agreement, as well as when dealing with any post settlement matters.


Working with an accountant will be particularly helpful at the due diligence, valuation, and grooming stages. Our broad business knowledge and expert tax advice could help significantly increase the value of your business. Utilising a mentor or coach will help you remain accountable to your leadership role, which will ultimately have the greatest influence on your succession strategy and outcome.


We can help you with accountability coaching. In fact, we want to help you groom your business for maximum value by increasing growth and profitability, improving efficiency and capacity, and managing risks.


If you’d like to start your Success Planning journey, contact us.

Basic strategic advice: why your business needs an evolving strategy

By Anna Stubbs • June 2, 2026
“Q: Why do I need an evolving strategy for my small business?” You’re a business owner or CEO. And that means it’s your responsibility to take care of the business, invest in the right places and make the company a success story. However, to do this, you need an agreed business strategy that lays out your goals, your mission and your plan for taking the company to the next level. So, why does this need to be an evolving strategy? “A: Your business strategy is not a static document – it’s a plan and mission that should be fluid, agile and able to react to change.” We’re trading in uncertain times at present. Each day presents a new challenge for small businesses, and having a plan that can react to change is a major competitive advantage.

Cash flow and cost control

By Anna Stubbs • June 2, 2026
More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode. Revenue, profit and your bottom line all deserve your attention. But keeping everything running is the baseline. Regular cashflow forecasts help you keep that in focus. Here’s why: Cost control - If you can't reach your targets for income, reining in your costs may give you a little extra head room to manage cashflow while you plan your next move. Visibility on outgoings - Cost control can be a challenge when it’s hard to pinpoint hidden costs or where established ways of doing things cost more money than they should. You may also have been coping with unexpected expenses, as you’ve adapted your business for unplanned circumstances or increased costs. Improving business practice - It's more than only keeping an eye on outgoings (though that's important). It's about looking at each aspect of your business and business systems (or the gaps where there should be business systems) to see if poor practice is driving costs up unnecessarily. It can be useful to break it down - You can look at cost centres such as office supplies or freight. Or you can look at what those costs do for your business. It can help to analyse costs in terms of cost of sale and overheads.

Basics strategic advice: how do accountants support your financial performance?

By Anna Stubbs • June 2, 2026
“Q: How does an accountant support my financial performance?” We’re all used to the idea of a business needing an accountant. But have you ever stopped to think what a good accountant and business adviser can actually bring to your company? Advances in technology, software and AI are changing our expectations of what a basic accountant/business owner relationship can offer. So, it’s important to reassess your expectations and to find out where we can add real, additional value. “A: Your accountant is now a full-fledged business adviser, ready to help you review, manage and transform your finances and strategy.”  In previous decades, your accountant dealt primarily with historical data – the transactions and cash inflows/outflows that had happened in the past. Today, with access to so much smart forecasting, data analysis and forward-looking scenario-planning, we can tell you far more about the future of your business.