One indisputable fact in business is that the services of the current owners and key personnel will one day not be available. No one lives forever. Many businesses have no emergency or exit plans to ensure the business (and consequently the owner's family's future) is protected should key owners or personnel be removed from the business for reasons such as ill health or death.
Likewise many businesses do not have an exit plan which allows for the "orderly" retirement or withdrawal of key owners or personnel. Such a plan not only allows for minimum disruption to the business but also ensures that the goodwill that has been created by the current owners is preserved.
This service aims to provide clients with the comfort and satisfaction which results from addressing succession matters and having the required structure in place well before the need arises.
In preparing succession plans, we address such issues as:
- Are children/spouses involved in the business?
- Are children/spouses interested in the business?
- Do the children/spouses have the skills to own and/or manage the business?
- How are other key employees best retained?
- Should the business be managed on a "family first" or "business first" basis?
- How to best balance family emotional issues with business realities eg remuneration, promotion, performance, profit distribution, reinvestment, etc?
- Are the owners affairs in order eg wills, insurance, buy-sell agreements, shareholders agreements, etc?
Our experience in succession planning has shown us that this is an area which, once identified, needs to be handled professionally, diplomatically and above all urgently.
Contact us for more information on forming a plan that allows for a hassle free continuation of your business.