In broad terms, succession planning relates to the planning process undertaken by a business owner or leader to determine the best means of exit from ownership and/or leadership of their business, whilst ensuring the continuity of the business.
The ‘succession plan’ is the formal document that should arise as a result of working through the various steps involved in the succession planning process. The succession plan should set out all the key elements that were considered and decided in the planning processes.
A good succession plan will encompass both planned components of succession, such as how and when the owner intends to exit the business, along with appropriate estate planning and replacement leadership strategies should unplanned succession occur. By having the succession plan cover these points, the likelihood of the successful continuity of the business is maximised.
Whilst succession planning comprises many distinct and differing topics, Green & Sternfeld has developed a logical process that can be utilised to ensure that all key issues in a succession plan are addressed and covered at the appropriate time.
Our overall approach to business succession planning is set out in the following diagram:
For each stage in the process diagram shown above, key topics are assigned for consideration during that stage. For each key topic identified under a stage in the process, a number of key issues, which might also arise, are explored. These are addressed to ensure that the succession plan developed as a result of this process is both comprehensive and relevant.
Our approach to business succession planning will help you to:
Maximise the value of your business
Unlock that value by enhancing the marketability of your business
Exit your business with maximum profitability and the foundations laid for its continued success