Succession Planning
Designing your exit + leaving your business on your terms
Succession Planning
What is Succession Planning?
Succession Planning is you designing your transition and exit from your business and having control over the process.
Succession Planning is a strategy for identifying and developing the future leaders and directors of your business and company.
It identifies the right time and most importantly, the right way to exit from your business. Succession planning, when done right, provides a way to determine what skills are needed, what people are available to fill the roles and also, what the timeline is to get everything and everyone to where they need to be.
What Is The Process of Succession Planning?
Succession Planning gives you, as a business owner, the chance to consider lifestyle, health, financial position, disposal or transfer of assets, changes to business structures and estate matters.
It is the process of recognising important positions throughout a business and company and identifying possible successors for those positions. It plans to prepare those successors, through a wide range of training and experience to enable them to step in to leadership roles when needed.
It can be broken down into three main elements:
- ESTATE PLANNING – the transfer of ownership of family or individual assets;
- RETIREMENT PLANNING – the transition of labour and management; and
- BUSINESS TRANSITION – transfer of control of the business.
Why Is Succession Planning Important?
The overall process of succession planning is to make sure that your business or company always has the right leaders in place should there be a change, especially a change that happens quickly. It also gives the current leaders a proper, well planned and well thought out exit from their business when their time to retire or pass the business on to the next generation comes.
As a business owner, you need to take the time to identify who you would like to take over your business when the time comes to hang up your working boots. Your successor could be anyone from a family member, an employee, a business partner, an outside buyer and the list goes on.
So while it might be a difficult task, the more time you take to think about and get your succession planning right, the happier you will be with the seamless transition.
Learn More About Succession Planning Services
What is your exit plan? You’ve been working on your business and within it for so long but have you stopped for a moment to consider what you would like to happen when it’s time for the next chapter?
Regardless of what the chapter looks like for you; whether it’s a new business venture or retirement, you need to make sure that your business is set up correctly from the start so you can have a clear, tailored strategy designed to exit from your business.
If you would like to ensure that your business is set up correctly from the start and you have a clear tailored strategy designed to exit your business, download our free guide.
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