Succession Planning
Definition:
The process of planning for the day a business owner decides to step down from their leadership role
For Business Owners:
Business succession planning involves planning for the smooth continuation and success of a business which depends greatly on the availability of competent people. Without succession planning, a business that has become successful can just as easily fail. The business grows because there is a leader (probably the owner) with experience, drive and ability. Without proper succession planning, the future success of the business is left to chance once that leader is gone. With so much at stake, business succession planning has to be a priority and should be part of every business planning. There are two main options available to business succession planning, which are:
- Retention Planning: Retention of the business within the family circle.
- Buy-sell Planning: Selling of the establishment to other business owners, key employees or interested outsiders.
Please contact us if you require more information on developing a succession plan.
For Independent Advisors:
Our Succession Program was developed with your business in mind. As your strategic partner, we provide you with the tools, services and support that you require to transition your practice. We have a systematic approach which has been developed through experience and allows you to focus on your priorities.
|