It is difficult to think about and even harder to put into place, but it’s inevitable that one day you will leave or step back from your business. Whether you decide to sell up, retire, exit or hand over to a new generation, it’s important that you plan for that day.
Succession incorporates into your business strategic plan, outlining how your business will progress with family and/or partners and how to manage this financially.
Good succession planning will help your business evolve smoothly.
Your business has a strategy, they all do. Whether it’s been ‘traditional’, refined and redeveloped by the principals of the business or perhaps it has ‘evolved’ over time in a responsive or reactive manner according to climate, markets and stakeholder interests.
Is it time to revitalise your business strategy? Perhaps it is time to be proactive and look forward, incorporating new skills, new interests, new and emerging markets, new technology, new goals, new financial considerations, new stakeholders. Has it been too long working in the business and it’s now time to do some work on the business?
Communication is a key part of all the elements in your business; management, succession, governance, strategy and family. Effective and timely communication techniques will ensure your business can respond to these elements addressing such things as daily operations, goals, ethics, returns to stakeholders, employment and finances.