Smart Company recently published an excellent article highlighting the fact that the baby boomer generation are running out of time to effectively sell or hand over their businesses.
Pitcher Partners partner Dr Richard Shrapnel provided SmartCompany with eight tips for better succession planning. No matter what your age, these warrant thinking about.
- Don’t think of succession as getting old or retirement. Think of it as building a business for the future.
- Be prepared. Succession planning should start the day your open the doors.
- Think in terms of transgenerational entrepreneurship.
- Make family harmony a priority.
- Focus on continuity and ongoing jobs, not price. These are the key capital drivers in the business and will determine the price in the end.
- Have a long term view for succession and a growth plan to support it.
- Recognise that equality is not equal. Not everyone will be in the family business, so what is fair?
- Seek professional advice on succession planning complexities.
If you need help putting a succession plan in place, give us a call! We are here to help.