Business succession planning is the strategy for passing on leadership roles and often the ownership of your company to the next generations.
A business succession plan is critically important as it helps to secure the financial future of your businesses and ensure they continue to run smoothly after you decide to pass your leadership role, move on to new opportunities, retire or in case you pass away.
Succession planning entails evaluating each leader’s skills, identifying potential replacements both within and outside the company and, in the case of internal replacements, training those employees so they’re prepared to take over.
Business succession planning is not a one-time event, succession plans should be reevaluated and potentially updated each year or as changes in the company dictate.
In addition, businesses might want to create both an emergency succession plan, in the event a key leader needs to be replaced unexpectedly, and a long-term succession plan, for anticipated changes in leadership.
A well-defined business succession plan:
- Ensures you to maximize the value of your business to yourself and your successors
- Allows you to drive deliberate decisions and evaluate transition options
- Addresses tax implications and efficiencies
- Provides for business continuity planning to mitigate risks associated with unanticipated events
We support the owners of family businesses to navigate the complexities of business succession planning. Our experienced specialists will evaluate your personal circumstances, prioritize your objectives, develop optimal strategies and define implementation timelines.