Successsion planning

Handing over your business to family members successfully can mean the difference between being financially sound for life or losing the value of many years of hard work and effort. More than 70 percent of family-owned businesses do not survive the transition from founder to second generation. Often, they fall prey to either the estate tax or family discord. 

Developing and implementing a well designed succession plan is essential to the long term success of the business that you have grown and developed over the years. Succession planning applies irrespective of whether you have family members looking to take over the business. One day you are going to need to exit the business, through retirement or sale. Succession planning covers the key steps  that you need to take, to prepare the business for that moment. 

In the event of selling the business to an outside purchaser, Mark Holt & Co can manage that process with you as it can be an arduous undertaking.  For your business to truly be a realisable asset for you, you need to constantly be working on it with a view to selling it at some time in the future. 

Whether you actually sell it or not is irrelevant, keeping that frame of mind means that at least you will always be in a position to sell it and realise it's true value, if you should ever want or need to. That focus gives you a greater awareness of the need to systemise your business and make it less dependent on you. 

People want to buy businesses that work, not businesses that are run by people that work and work and work … Succession planning then is an ongoing, process and is just as much about working ON your business as planning for the future. (Ask us about the concept of working 'ON' your business rather than 'IN' it and just what that could mean to you!)