Transition in business is a PROCESS, not an EVENT.
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 with engaged participants who fully appreciate the process. By planning early and periodically reviewing your plan, you can maximise the value of your business and help it to provide for future generations as well as retirement relief.
The succession journey in small and family business can be onerous. There are so many questions to be asked and even more answers to be found. A good succession planning facilitator will involve all stakeholders in an open and involved process to help you answer:
- Where do we start?
- How do we find a balance for everyone involved?
- Does everything need to be equal?
- How do we meet business and family needs?
- How do we communicate & incorporate our business strategy?
- How can we improve ourselves and our business as we progress?
iOnSUCCESS works beside all stakeholders in Australian and New Zealand businesses to help you initiate this process. Starting with an initial overview we can then aid and facilitate the journey through the various stages as and when you are ready.