Succession Planning: Freedom from the ‘Owner’s Trap’
Over the last few months we have written several articles aimed at helping you with one of the business owner’s trickiest challenges, namely, what’s the best way to exit your business?
Many business owners avoid thinking about succession planning. This can be for a number of reasons, but it is often because they are very busy running their business, and they do not see planning for the future as a priority. When everything is going well, there is less incentive to tackle issues which may later be a roadblock to a successful exit. Often there is an assumption that succession can be dealt with when the time comes. However, this sort of “crisis led succession planning” can often lead to hasty and unsatisfactory decisions being made.
Because it’s such a key topic, succession planning was the focus of a GL Business Club event on May 13th run in association with the Business Doctors (many thanks to everyone who came along.) And the event was the forerunner to another get together on September, 24th where you’ll learn how to value your business, and get to grips with some of the toughest succession issues. The Business Doctors will be back for this follow up session, and it will be invaluable for anyone looking to move on from their business in the next five years or so.
If you’d like to come along to talk to the Business Doctors in September, there’s a little homework you can do in preparation so you get the most out of the session.
Start shaping your strategy
Knowing your short, medium and long-term plans, and what you would like to achieve when you exit the business, is key to shaping your strategy. Spend some time thinking about this – and write down what you would like to happen in 3, 5 and 10 years time.
Think about you, your business, and (if it’s a family business) the next generation.
Getting clear on what you would like to happen is the first step towards making it happen.
If you’d like to talk to us about succession planning you can speak to Paul Hardman on 0117 906 9425.