Succession planning is something every business should undertake, whether you have two employees or several thousand. Interestingly it’s often overlooked. A succession plan details what should happen when ownership of business changes or when business-critical roles are vacated.
It can be a hard concept to think about at the moment, but the time may come when you’d like to retire or sell your business. This is understandable as your business is unique to you; it represents many years of hard work and heartfelt decisions. Therefore, it’s just as important to have a succession plan in place to preserve the value of your life’s work. A good succession plan will ensure business continuity for your valuable clients as well as safeguard profits.
Why do you need a Succession Plan?
- To minimise disruption of operations
- To preserve wealth
- For business continuity
- To maintain your reputation
At Fortuna, we are on hand to advise how to draw up a succession plan whatever scale of business you have. We outline what you must do when you sell, close or transfer ownership of your business.
How we can help:
- Valuing of your business should you wish to sell
- Identifying critical business roles and potential leaders within the company
- Advising on internal communications throughout the process
- Providing a framework to apply to review the succession plan regularly
In more extensive operations, it’s about identifying critical roles in your business and putting in place a strategy to develop people into future leaders. A positive effect of this plan is that’s a great motivator for staff as they become more invested in the business.
Benefits of Succession Planning with Fortuna:
- Comprehensive planning
- Effective options
- Easy to implement steps
- Engaged employees
To get some advice on succession planning, contact us today.