Business succession planning
As a business owner, it's easy to become consumed in day to day operations but it's important not to neglect succession planning. Our business succession planning experts can guide you through the process.
Astute advice helping you make practical plans to secure the future of your business.
Once you've developed a profitable business, a new dilemma emerges: who will run it if you exit the business, and what would happen if you weren't fortunate enough to be able to dictate the timing?
Business succession planning is often neglected, in spite of the potential impact of failing to have a way forward in place. You'll need to make sure that not only do you have a business continuity plan, but that any constitutional documents such as partnership or members' agreements provide for the various eventualities.
With so many aspects to address, it's wise to start planning for your exit a number of years before you anticipate passing on the business. An effective plan is essential if you and your family are to get the most value from your business without unnecessary complications.
We can help you plan ahead by providing thorough, commercially sound advice, whether you're considering a third-party sale, a management buy out or family succession.