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Succession planning

Business owners are often so focused on their day-to-day running of the business that they fail to reflect on what will happen to their business when they retire:
  • Will I continue to work all my life in this business?
  • Who will take over when I retire?
  • How will such a succession take place?
  • Will I be able to realise a maximum return on my investment?
Unfortunately many business owners fail to consider these issues soon enough to enable them to make a proper exit plan. Good planning and determination is not only required to create a successful business, it is also required to exiting it. The outcome of not having an adequate exit plan can be very sore as this could lead to family problems and failure of the business itself.

Succession planning takes time so it is important to set a target and establish a well devised strategy to exit the business. Such an investment will surely provide peace of mind and minimize interruptions and losses to the business.

At 3a Accountants we provide you with consultancy on business succession and help you set out your exit plan. For more information contact Clive Farrugia

See also:
Succession planning in family owned companies
Last Updated on Mon, 21 September 2009
 

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