Succession Planning
You have come to a point where you are considering retirement, either full or part time. Sometimes it’s very easy and straight forward, often it isn’t – for a host of reasons, some of which are frequently one of the following:
- You decide in haste that the time has come so your actions are rushed, and the business isn’t in the best format for you to leave, hand over the reins, or to get the right terms you want.
- You have not chosen a successor, nor has any training been undertaken for a proper candidate to take over.
- No careful planning has been done for what you want to achieve once you’ve left the business.
These matters will all catch up with you commercially and emotionally as time goes by. Most businesses also need to structure themselves to achieve the correct sales price, be that a sale within or without the family.
To plan effectively, such planning takes about two years.
So, if you want your transition to be the best it can be, start planning now! We can offer expert advice in this area.