Succession Planning

Companies and businesses have the ability to live far longer and be more than the sum of the individuals who run and control them.  One of the keys to their longevity is succession planning.  This is a process all businesses need to put into place to a greater or lesser extent.  However, many have not even thought about it and very few have developed a written succession plan. 

Most business owners, it seems, only start to consider a succession plan later in life and wonder 'What's next?' More often than not they do not know. 

A key aspect of succession planning may be the identification and training of talented employees. Providing mentoring and educational development where appropriate to help develop them to deal with higher level and broader responsibilities.  We can also advise and help you with your contracts with these key individuals to ensure (so far as is possible) that they do not leave you for a competitor or set up on their own in a competing business.  The ultimate aim of this type of succession planning may be the new up and coming management to buy-out the existing owners. 

Equally, an alternative succession plan may be to sell your business to a larger company.  This brings its own problems and stresses as you are likely to be required to remain in the business to ensure a smooth hand-over and give you an increased value from the sale.  You will then have to watch on whilst someone else is at the helm of your business and dealing with your employees and customers potentially in a different manner. 
Effective succession planning in all areas of your business should leave you well prepared for expansion, the loss of  key employees, filling a new role and employee promotions.