Our Succession Planning service
Anna Stubbs • July 6, 2023
All business owners should have a Succession Plan in place, no matter when they plan to exit. An effective Succession Plan will help you define the steps required to turn your future vision into a reality, while taking into consideration business, personal, and family expectations.
Our Succession Planning service gives you the chance to:
- Determine what you want out of your business
- Clarify your succession options
- Create a timeline with key milestones for your Succession Plan
- Identify the actions and strategies you need to make your objectives achievable
If you wish to take a more passive role or sell your business within the next three years, then we recommend you start the ongoing Succession Planning process right away. The longer the planning phase, the more time you have to groom your business for sale and attract the right successor.
By attending a Succession Planning session, you’ll:
- Define and understand what you want from your business
- Determine a common vision for owners, team members, and successors
- Clarify your succession process, defining tasks and actions to maximise your outcome
- Identify and prioritise key goals and milestones
- Increase your ability to make strategic decisions
We look forward to helping you plan for the future.
Small businesses are particularly vulnerable in tough economic times. When sales are slow, there are still overheads and salaries that need to be sorted. Pre-planning and being proactive can help you weather tighter economic periods and allow you to continue to thrive. Make sure you have a clear picture of your payroll, and any other planned expenses that will need to be accounted for. If there’s even a possibility that there could be a shortfall, it’s essential to meet this head-on. Whether this means talking to your supplier or creditors to figure out an arrangement, or compromising on other business outgoings, you must make a plan to ensure that the business, or your staff, won’t suffer.
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