Succession Planning 

Why we developed this service.  

A carefully considered succession plan and exit strategy will reflect the hard work you have invested in your business whilst ensuring there is a smooth transition leading up to your exit and during the transitional period.  

Our Succession Planning service helps you to develop a plan to ensure the expectations of all parties are addressed and can be achieved within the desired timelines.

  • Would your business cope without you?
  • Are you concerned you won’t be able to recover your investment in your business when you exit?
  • Are you concerned about the expectations your family members may have for your business?
  • Do you have clear expectations and goals for your life beyond your business?
  • Do you know what’s required to support your lifestyle after you have exited your business?

Who should have a Succession Planning session? 

All business owners should have a Succession Plan in place. Whether you’re planning on exiting the business in two years or 20 years, its important to have one now.  

A succession plan isn’t just about extracting maximum value from your business to provide for your future. A good succession plan should consider what should happen if an unforeseen event occurs, multiple options for succession, understand sale options, document client relationships, and detail the overall reputation of your business.  

What is involved?  

We will hold a 4-hour meeting, either in one session or as 2x 2-hour meetings. During this time, we will define your goals and objectives whilst considering the eventual exit from your business. You’ll complete pre-work prior to the session to identify any burning issues so we can prepare accordingly.  

During the session we will work with you to create a concise Succession Plan to guide you through this process. Together, we will: 

  • Determine what you want from your business
  • Clarify your succession options
  • Identify the key people that are involved
  • Ascertain the timeline and key milestones
  • Clarify the various personal, business, financial and taxation aspect you need to consider
  • Identify the actions and strategies you need to take to make your objectives achievable

When should I have a session?  

If you wish to take a more passive role or sell your business within the next three years, we recommend you start the ongoing Succession Planning process now.  The earlier you start, the more likely you are to achieve your goals within the timeframe you have set.  The longer the planning phase, the more time you have to prepare your business for sale and attract the right successor. 

What are the Benefits of a Succession Plan session?  

  • Dedicated time to review your business and determine what you want from it
  • Stimulate strategic discussion around ‘what if’ scenarios
  • Determine a common vision for owners, team members, and successors
  • Establish the challenges and opportunities in your business
  • We’ll act as an impartial sounding board to help you in the decision-making process
  • Clarify your succession process, defining tasks and actions to maximise your outcome
  • Identify and prioritise key goals and milestones
  • Increase your ability to make effective strategic decisions
  • Develop a tool to communicate your Succession Plan with family and other key stakeholders
  • We’ll encourage you to be accountable for achieving your goals
  • Access our collective wisdom, systems, products, and services

I have created a Succession Plan, what now? 

To support the implementation of your Succession Plan, our Business Coaching service will support you in making your plan a reality.  

During your monthly or quarterly session, you will have 1-2-1 time with a business coach to: 

  • Ensure there is progress and clear accountability
  • Identify key business areas that require focus to improve profitability and cashflow
  • Become more effective at setting goals and communicating them to your team
  • Ensure goals and targets are consistently achieved
  • Ensure the business is ready for sale or transfer
  • Ensure there is best practice in place

Prior to each session we will provide all attendees with pre-work to complete. This ensures that any issues can be discussed efficiently, and any pre-meeting preparation can be completed to ensure any time spent together can be as productive and valuable as possible.  

As an outcome of each session, you will receive meeting minutes and an updated list of actions to complete.