Succession Planning is the procedure of identifying successors within a business and providing the opportunity to increase their skills so that they can replace the current management when the time is right for you to stand down. The process concentrates on the shift in management from one generation to the next within the business.
Recent statistics show only 47% of small business owners have an exit strategy, 22% of those who do have an exit plan simply intend to close their doors and walk away, 60% of them are still actively reinvesting profits back into their businesses and 50% are working more than 50 hours a week, even if the business will close, and 1 in 4 business owners aged over 60 are planning to close their business at retirement.
Exit Planning is the complete review of factors that impact a business owner. This includes present day and future planning / organising for the company, as well as the company value, staff and market positioning. It begins with your idea of your goals and objectives, as well as your existing and forecast resources that can identify suitable strategies and steps that can be taken by a business owner to attain their goal, and delivers you with a number of key information reports covering exit and succession plans, gap analysis report , action plan report, business attractiveness to potential purchaser report, and exit plan business report.
Exit planning is not about selling. It is about maximising the value of the business , while protecting yourself , family and staff from an unexpected event where transition is neccessary eg death, disablement, disagreements etc . Talk to Highvale about the options available.