You need a Succession Plan for Your Business – use our Checklist!
You have put huge effort and money into your Business, right?
You need it to continue to provide support to you and your family, right?
What happens if something unforeseen happens to you ?
Are you ready – is your business ready – if you decide to sell it ; to emigrate; to take up another challenge ?
Early planning can really help you achieve the best return on your investment in the business. Have a look at the Check-list set out below and , in this New Year, promise yourself to start implementing it.
Any consideration of a Succession Plan for your Business should involve a chat with your Solicitor to review the Business Structure and to plan your personal affairs by making a Will and an Enduring Power of Attorney.
Checklist for Succession Plan for Your Business
- Establish a process
- Start planning early
- Carry out a comprehensive CSA (current situation analysis)
- Do you have a plan? – a business plan and a personal plan
- Know and understand your plan – ensure the objectives are SMART.
Specific – target a specific area for improvement
Measurable- quantify or suggest an indicator of progress
Assignable – specify who will do it
Realistic – state what results can be realistically achieved with available resources
Time-related – specify when the results can be achieved
- Analyse the roles, management functions and areas of responsibility
- Give serious contemplation to your exit (planned and unplanned)
- What would your exit (planned and unplanned) mean to the business’s ability to trade?
- Think of a transition timeframe for you
- Your financial security – what would give you peace of mind
- Is the business profitable? – what measurements do you use?
- What do you require to live comfortably?
- Plan for yourself – know your worth, have a Will
- Contact your Solicitor to review the Business Structure and to plan your personal affairs by making a Will and an Enduring Power of Attorney
- Encourage inter-generational discussion
- Involve the family and others in your thinking
- Take advantage of outside help/advice
- Set a timeframe to achieve the business objective (this may differ from your personal transition timeframe)
- Start the grooming process (of the business and family) well in advance
- Be vigilant, be aware
- Create a good physical environment, the ordering and maintenance of your physical space sets the scene for an uncluttered and well planned change process
CONTACT me today – use our Free Enquiry Form or call on 0504-24173 ; email email@example.com
“By Neil Butler”