SUCCESSION PLANNING

57% of business owners are expected to retire within 10 years, but 68% have not thought about a successor to run their business.

Imagine the glut of businesses for sale in 5-10 years time and less than 20% of these businesses will have a succession plan! A key driver for the VALUE of your business is having a succession plan so if you are planning to sell, this is definitely something you need to consider. Business WITH a plan being implemented or ready to be implemented will be worth more than those without.

If you are not planning to sell but would like to be less 'hands on' in your business and enjoy your lifestyle more - YOU MUST HAVE A SUCCESSION PLAN

In practical terms, an exit by you or one of your partners is inevitable - sooner or later someone will leave. These reasons could include retirement, a disagreement or even a divorce as part of a financial settlement. And of course, worse still, what if a departure is forced on someone due to death or illness? So if your or one of your partners in your business is either forced to exit or they decide the time has come for them to leave - what happens then?

Our next Seminar on Tuesday October 27th at 5.30pm will cover all the ins and outs of succession planning.

Filed under / General