Moving on from your company in the right way
If you’re getting ready to take a step back from your business because you’re nearing retirement, or are thinking about selling up and moving on, it might be time to develop a succession plan for your company.
Although you may not be ready to exit your business in the short term, there’s no harm in being prepared for such an event. It’s beneficial to have a succession plan drawn up to ensure that your business affairs will be taken care of if something unexpected should happen.
There are a number of benefits in having a succession plan in place, it may help to :
- increase the likelihood of business growth
- make businesses more resilient, giving then a higher survival rate
- maintain stronger relationships among family members and business partners
- set out the owner’s retirement or exit plans more clearly.
Before developing a succession plan you should:
- identify your short and long-term financial goals
- review your personal and general insurance options
- prioritise milestones and timelines for your plan based on your needs.
Once you’ve done your research, and have decided on your financial goals and timelines, it’s a good idea to get professional advice.
By seeking impartial professional advice you’ll be able to take the emotion out of the process, and put together a realistic and achievable plan, that’s fair to all parties involved.