Good succession plans help your business hold its value
Succession plans are invaluable if you considering passing your director’s baton to other shareholders. You may have your own plans to spend time on things other than your business. Our advisors do a lot of work with clients in this position. We’ve seen it done best when planning starts early.
Sometimes business owners are shocked to realise how much value they stand to lose as a direct result of their own exit. That doesn’t usually happen if planning starts 2-3 years out.
Succession plans involve a process that is part technical, part numbers but a lot is emotional. Preparing your succession plan correctly and setting the wheels in motion generates considerably better returns. Advantage Business Partner, Murray Fulton, explains in this video.