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.
Running a business costs money. There are always costs, overheads and supplier bills that mount up – and these expenses will gradually chip away at your cash position, making it more difficult to grow and make a profit. So, what can you do to reduce your spend levels? And what impact will this have on your overall margins, profits and ability to fund the next stage in your business journey?
You know that an accountant can look after the books and keep your numbers in good order. But have you ever thought about the additional services and advice that an accountant can bring to you as a fully fledged business adviser, coach and mentor? Let’s explore what other business-critical services your adviser could offer:
To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding of the financial position and business performance. So what’s involved: The balance sheet has three sections: assets, liabilities and equity.