Effective Succession Planning is the key to protecting, growing and realising the maximum value for your business. It is a strategic process that allows you to smoothly transition the ownership and/or management of your business.

Research shows that business value can be impacted by a number of issues, including:

  • Complacency of business owners in addressing succession
  • Business owners often being unaware of all their succession options
  • Generation Y lacking the aspiration to be a business owner
  • Increased house prices restricting the funding options for successors

The succession planning process covers the following:

  • Understand the direction of the company
  • Determine the skills needed
  • Find the gaps
  • Talk to the current team about their goals and aspirations
  • Identify the obstacles in moving current staff to the desired roles
  • Confer with everyone involved
  • Stay in contact during the process

Succession planning is not the most difficult part of exiting an organization, but it is one of the most important parts.