Succession Planning

If you have ever asked yourself “How am I going to get out of this business?”, then you would benefit from our experience in understanding the transition many clients face in letting go of the “baby” they created.

Just like raising children, the process is not a simple overnight occurrence. It takes careful, considered thought and planning to ensure that the next phase in your life is the right one – not only for you, but for your family, customers, clients, staff and other business stakeholders.

Typically there are a number of options:

  • Sell to a third party/competitor
  • Sell to existing partners
  • Hand over to family
  • Hand over to staff
  • Close down

It is a very stressful process to think about and most people tend to put it off.

Reasons many people defer these decisions include:

  • What will I do with myself once I sell my business?
  • I can’t get enough for my business when I sell it…so I’ll just keep working
  • I don’t want anybody to know that I’m thinking of getting out as it may hurt my business (especially if my key competition or key staff find out)

We help you to resolve these difficult issues – while you have time to do something positive about them! If you plan to retire within the next five years, you may have left your succession planning a little late. However, we can still help with a short-term plan.