So you’ve been thinking about the future of your business and realise the need to develop a succession plan strategy? Great! Without a clear plan you’re flying blind but with one the process, whilst still having its challenges, will be far more controlled and manageable. Your  plan  may  be  simple  or  complex  depending  on  the  size  and  type  of  business  you  have, but all businesses have similar steps to implement and execute.

Succession planning is a process for identifying and developing new leaders who can replace leaders and owners when they want to leave, sell or retire. Executing a well-thought-out exit strategy can increase your sale price, while ensuring the business continues to thrive after you’ve left. This can also be called succession planning. What does it involve?

5 Steps to Succession Planning Success

• Step 1: Establish the timeline
• Step 2: Define improvements required 
• Step 3: Determine the value of the business
• Step 4: Explore tax implications of transaction
• Step 5: Document the milestones
• Consider: What external assistance do you need to facilitate the process?

Our team have the expertise and experience to guide you through this often challenging process. Our Accountants and Business Advisors will walk you through the most common issues to consider and challenges to overcome in succession planning. Please contact us for a complimentary consultation to map out your personal plan.