Succession Planning – Outline
Succession Planning helps you clarify what you want for the future (taking into account business, personal and family expectations) and define the steps required to turn that vision into a reality. At least 3 – 5 years is the ideal timeframe to make sustainable improvements; basically the more time you have for planning and implementation the better.
We’ll begin the half-day Succession Planning session with a presentation providing an overview of important considerations, succession options and processes relevant to your business. We will then work with you to define your succession timeline and identify your ideal succession scenario, opportunities to improve your business value and vulnerabilities you need to manage, documenting them in a robust Succession Plan.
We’ll then set 12 month goals and quarterly goals and actions to achieve these. As a result, you’ll have a roadmap to guide decision making and ensure your business is in the best position to achieve maximum return on your hard work and investment.
Why we developed this service:
A carefully considered exit strategy reflects the hard work and capital you’ve invested in your business. We want to work with you to develop your Succession Plan to ensure that the expectations of all parties are addressed and achieved.
- Do you feel your business would be unable to cope without you?
- Do you worry about being able to recover your investment (and more) when you exit?
- Are you concerned about the expectations your family may have for your business?
- Do you have clear expectations and goals for life beyond your business?
- Do you know what’s required to support your lifestyle after you’ve exited?
Succession Planning is about clarifying what you want for the future and defining the steps required to turn that vision into a reality, while taking into consideration business, personal and family expectations.
Who should use a Succession Planning Session?
All business owners should have a Succession Plan in place. Whether you plan on exiting in three years or 30 years, it’s important now. It’s not just about extracting maximum value from your business to provide for your future. Should an unforeseen event occur, lack of planning will cause unnecessary stress and potentially compromise your sale price, client relationships and the overall reputation of your business.
What is involved?
We will facilitate a half-day one on one Succession Planning session where you’ll define your goals and objectives with respect to your eventual exit from your business. You’ll complete pre-work prior to the session to identify any burning issues so that we can prepare accordingly. During the session, we’ll work with you to create a concise Succession Plan to guide you through this process.
We will help you:
- Determine what you want out of your business
- Clarify your succession options
- Identify the key people involved
- Ascertain the timeline and key milestones for your Succession Plan
- Clarify the various personal, business, financial, legal, and taxation aspects you need to consider
- Identify the actions and strategies to take to make your objectives achievable
When should I use this service?
If you wish to take a more passive role or sell your business within the next three years, we recommend you start the ongoing Succession Planning process now. The earlier you start, the more likely you are to achieve your goals within the timeframe you set. The longer the planning phase, the more time you have to groom your business for sale and attract the right successor.