Business succession

 

“Planning is bringing the future into present
so that you can do something about it now.”
Alan Lakein

 

Business succession – solid planning for your family and stakeholders


Business succession planning is putting in place a solid plan that will outline steps to be taken when the business owner leaves the business either voluntary or involuntary.

Reasons for leaving the business:
  • The business owner no longer wishes to carry on business activities
  • Retirement – the most common reason
  • Health trauma – second most common reason
  • Disability
  • Death
Your succession plan should include option available to you to dispose of the business, such as:
  • Keep business in the family (some of your family members want to take over)
  • Sell business on the market
  • Liquidate – in most cases it applies to businesses that hold no commercial value – the business does not exist without its owner
  • Keep sufficient cash resources
  • Insurance contract

Every business is different and is facing different obstacles at the time when the owner / business partner is unable to perform their usual duties.

Complexity of your business succession plan depends on:
  • Business structure
  • Underlying complexity of business ownership
  • Business assets held
  • Size of the business
  • Complexity of personal lives of business owners



Call me for a chat and remember the first appointment is on me