Designing your exit + leaving your business on your terms
Succession Planning is designing your exit from your business. It is an in-depth process and personalised design for the transition and to identify the right time and most importantly, the right way to exit from your business. It provides a way to determine what skills are needed, what people are available to fill the roles and also, what the timeline is.
Succession Planning gives you, as a business owners the chance to consider lifestyle, health, financial position, disposal or transfer of assets, changes to business structures and estate matters.
It can be broken down into three main elements:
- ESTATE PLANNING // transfer of ownership of family or individual assets
- RETIREMENT PLANNING // transition of labour and management
- BUSINESS TRANSITION // transfer of control of the business
If you would like to ensure that your business is set up correctly from the start + you have a clear tailored strategy designed to exit your business, download our free guide.