Why all businesses need to plan for succession

Anna Stubbs • July 6, 2023

Hypothetically speaking, if you were hit by a bus tomorrow, how seamless and pain free would the transition be - both for your business and those who rely on it?

Succession Planning isn’t just about retirement. In an unforeseen event would the operation, management and value of your business be compromised?

It isn’t just about securing your future.

Succession Planning is still an extremely valuable exercise if you’re planning to retire in 20 years, or if you’ve already lined up your successor. Should something unforeseen happen to you, this planning will downgrade a major crisis to a significant, but manageable, event.

By having the conversations now and documenting clear intentions, you could save yourself (and your stakeholders and family) a lot of pain should an unexpected event occur.

It’s also about efficiency.

Planning for unexpected scenarios forces you to assess who does what, why, and how they do it best:

  • Is the right person performing the task?
  • Is their process the best way of doing the job?
  • If multiple people perform the task are they doing so consistently?
  • Have we defined and documented the best process?
  • Should this task be the responsibility of a single team member?

It’s about providing a safety net for your team. Documenting the key business processes in your company enables you to devise the most efficient system for each task. Having a clear procedure to follow is helpful when a team member is absent, but most importantly when it comes time to transfer this knowledge to a new team member, manager or owner.

A robust and effective Succession Plan takes three to five years from initial planning to implementation.

Having said that, any plan is better than no plan. Generally, the longer you have to execute your plan, the bigger the opportunity you have to maximise the value of your business and therefore the capital you extract on exiting.

A Succession Plan is not something you write and leave to rot in a dusty drawer. Succession Planning is an important part of your business strategy that requires regular attention and ongoing development!

Involving key team members in aspects of planning will engage and empower them as the journey begins.

Want help your developing your Succession Plan? Get in touch!

Reducing the uncertainty: strategic business reviews

By Anna Stubbs • July 24, 2025
In a world where evolving political events can change the market in an instant, and economic instability is still the norm, finding certainty in your business strategy is a rarity. Business plans and your overriding strategy are no longer written in stone. This means being flexible about your next steps and regularly reviewing your business strategy. Let’s see how frequent strategic business reviews can help you reduce the uncertainty.

Selling your business: getting a good deal

By Anna Stubbs • July 24, 2025
You’ve spent years growing your business and adding value to the company. Now it’s time to sell up, get a good deal and liquidise the equity you’ve had locked up in the business. In this series, we’ll give you all the advice you need to plan your exit, add value to the business, negotiate a great deal and define your new pathway once the business is sold. Let’s look at some important ways to achieve the best possible deal for your business sale. Selling your business is generally the end step in a much longer journey. If you’ve put together a detailed exit strategy, you’ll have been planning this sale for some time. The important thing at this point is to make sure you get a great deal and realise the best possible sale price – giving you the return you deserve for all your hard work. To put yourself in the optimum position when looking for a buyer, here are a few tips: 

If I’m working ON my business what should I be doing?

By Anna Stubbs • July 24, 2025
I’m sure you’ve heard about the need to work ‘on’ your business as well as working ‘in’ your business. But have you ever stopped to think what exactly you should be doing? First some practical distinctions to compare working ‘on’ and working ‘in’.