Succession and Exit Planning
There comes a time in every business owners’ life when they wish to pass the business on to the next generation. This can be family members or Company employees, but the hand-over of power will not be smooth if the process is not planned and structured, with a strict timetable and with measurable milestones at agreed periods. A Remedy expert will sit down with you and help put a plan in place to allow you to get sufficient financial reward yourself whilst at the same time giving the new owners every chance of success.
One of the key challenges is finding the right team to take over the business, so one of our advisors with a track record of exit planning will help you identify potential new management team members, and will be on hand to draw up a skills matrix to identify where they are now and what future training they may require. If you want an external view when the time comes to interview prospective candidates, you can call on the services of an expert well versed in how to ask the right questions and understand what the answers really mean.
Once the potential new team is selected you’ll get further guidance on mapping out a career path for them in the short and medium term, clearly identifying what your commitment will be. As you gradually pass on your knowledge and expertise, which is fundamental in allowing you to finally walk away, you will be able to do so in the knowledge that the future of your business is in good, safe hands.
If you think now is the time to put in place a succession plan for your business, Ian Perry is ready to speak to you in confidence on 01473 310833.