Frequently Asked Questions
1. What is Succession Planning?
Succession Planning is the exit strategy by which you will be able to sell your business, or pass it on to a family member. It also covers other eventualities such as injury or illness, when you need to put a plan into place quickly.
2. When should I start thinking about it?
It’s never too early to think about a Succession Plan for your business. Having an eye on the endpoint from day one, will help you create a business which is built on a strong foundation, resilient processes, and focussed strategies. So that the move to sale or succession is trouble-free.
3. What's the first thing I should do?
Create a list of relevant objectives for your business. Think about your finances, reputation, expansion plans, retirement goals, and the impact of your plans on others like your family, staff, etc. Make your objectives as specific as possible, including the dates by which you’d like to see them be achieved, and/or any financial goals you might have. This list will become your input into the Succession Planning process.
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