Did you know businesses that have a succession plan experience higher growth and have a higher survival rate? If you want to protect the long-term future of your business, now is the time to start thinking about creating your own succession plan.
Succession planning is the process of ensuring your business is successful without you. Sometimes it involves putting systems in place so that the business can run without you, improving your sales, improving margins and controlling costs. Together small gains in these areas can have a significant compounding effect.
Succession planning is important for nearly every business as it helps to create value and a "money making machine" that can work without you. It is especially important for those clients that are considering selling their business or taking on a more passive role in the future.
Planning for business succession can be complicated and emotionally difficult, but the benefits include:
- helps you identify and train current employees with the potential to fill key business leadership positions in the company
- increases the number of experienced and capable employees that are prepared to assume these roles as they become available
- increases resilience to challenges and survival rate
- retains relationships with families and between business partners
- sets up the retirement the owner envisaged
Having an objective professional advising you can make the discussion and planning process easier. We can help you to:
- Take the emotion out of the process
- Ask and address the right questions
- Involve the right people
- Communicate effectively to those who will be affected
- Be fair
- Put a realistic value on the business
- Commit adequate resources
- Set an achievable time frame for the plan
- Have credibility with buyers and other key stakeholders
- Make the vision a reality
We will start by ascertaining the current value of your business, taking into account industry outlook, economic conditions, business sustainability and what systems are in place so that the business can run without you. We will then work with you to determine the potential value of your business and, most importantly, how to unleash this potential.