Is your Succession Plan / Exit Strategy in Place?
A confidential succession planning advisory service is now available to local business owners. This service is free to you, courtesy of the Otago Chamber of Commerce.
We suggest you take a moment to consider four questions.
If you confidently answer “Yes” to all of them, you will probably not need to read on.
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Do you know when and how you want to exit your business?
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Are you getting on well with the putting in place of a succession planning process that will make the most of your business for you and your family down the track?
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Do you know what you will do when you move on from your business?
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Do you know how to identify and engage with the quality of succession planning expertise that will most benefit you and your family when the time comes?
Now that you are reading on, it is likely you have yet to identify the best process to suit your own particular circumstances. Doing so will prove to be very rewarding for you and getting off to a good start is key to success.
Before committing to a succession planning process, we suggest you first give serious thought to what is likely to be involved. During the early stages, it is often helpful to discuss some of the more challenging and maybe wider issues in confidence with someone you can trust, and who will maintain neutrality at all times.
Warren Taylor has been appointed by the Chamber of Commerce to provide this free succession planning advice. His purpose is to help you clarify what is involved so as to help make succession planning pay off handsomely for you when the time comes.
There is mounting evidence showing that people who allow at least from 3-5 years to work through the process get the best results.
Common topics that come up for discussion are highlighted below. However, everyone has a unique set of circumstances that need to be taken into account.
Perceived Barriers and Frequently Asked Questions
It is important to address and remove these barriers as soon as possible.
The recommended first step is to equip yourself with all relevant information and questions about your business.
The next step is to have a thorough discussion with your current supplier of business services such as your accountant and/or lawyer.
If additional support is needed – and very often it is – a growing number of professional business service providers offer a high level of expertise in this field.
Most also offer a free, one hour consultation to help identify your succession planning requirements before you get started.
You are invited make an appointment with Warren Taylor to help with your preparation and to help point you in the right direction.
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