If you’ve just started out in business, chances are you’ve never heard of succession planning.
If you are familiar with the term, do you have a succession plan in place for your business?
Succession Planning involves preparing a strategy which determines the best way for you to exit your business while ensuring the business continues. The plan determines who will take ownership or leadership when the time comes for you to step away from your business.
By planning your exit well in advance, you can maximise the value of your business and help it to meet future needs.
Do you need a Succession Plan?
The short answer is yes. A succession plan is essential to securing the future of your business. Without a plan, the future of your business will be left to chance meaning all your hard work and dedication for the business is left up in the air.
Succession Planning will vary from business to business to business. Consider the following when preparing a succession plan:
- How much is your business worth?
- Who will be your successor?
- What sort of management strategy should you adopt for existing staff to ensure a smooth transition?
- How will your departure affect key business relationships such as suppliers and major customers?
Succession Planning can me a much easier process with the help of business accountants. The Quinn Group are qualified business accountants with many years of experience preparing succession plans for businesses.
For succession planning advice, contact us today on 02 9223 9166 or submit your online enquiry here.