Succession planning

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.

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If you’re planning to exit your business in 20 years or 2 years, an effective succession plan is essential.

A plan will 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, it’s 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 Planning 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

Session planning

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.

Regardless of the services you select all clients will benefit from:

Free ongoing advice

We want you to succeed

Online portals

Access all historic and current accounts or returns at any time

No surprises

We will never send you a surprise bill for calls, emails or meetings

We keep it simple

We're not a fan of jargon either

Peace of mind

If we say we're going to do it, it will get done

Value for money

We work as efficiently and price as competitively as possible

Everything starts with a conversation,
how can we help?

Sian Smith

Sian Smith

Business Development