Businesses are not made to last, businesses are made to be needed.
Succession is what happens to your business when you ultimately decide you want out.
Having an effective Succession Plan encourages the growth and sustainability of your business.
A robust Succession Plan takes a minimum of 3 – 5 years from initial planning to implementation. To extract maximum value from your business, you must have one in place.
Succession Planning allows you to transition your business to new ownership in a managed and systematic way; reducing stress while achieving a greater outcome.
It’s not just about extracting maximum value from your business; having a succession plan in place ensures a seamless and pain-free transition even in case of emergency – both for your business and for those who rely on it.
Lack of planning can cause unnecessary stress and compromise your sale price, client relationships and your overall business reputation.
Whether you want to sell, pass on to a family member or simply take a more passive role, taking time to plan now will benefit all involved.
Benefits of our Succession Planning service:
We’ve developed this service to ensure that when you do exit you get the maximum return on the hard work and capital you’ve invested and that the expectations of all parties are successfully met:
- Determine what you want from your business
- Stimulate strategic discussion around ‘what if’ scenarios
- Clarify your succession process, defining tasks and actions to maximise your outcome
- Prioritise key goals and milestones
- Achieve alignment amongst owners/family members
- Develop a tool to communicate your Succession Plan with family and other key stakeholders
- We’ll act as an impartial sounding board to help you make decisions
If you would like to receive a full PDF Guide to Succession Planning including the detailed steps and considerations to create your Succession Plan, submit your enquiry here.
Family Enterprise Succession
Succession and transition are particularly challenging for family enterprises and privately owned businesses with only 12% of family businesses surviving into the 3rd generation (PWC Next Generation Survey 2014). There are complex considerations to address, in terms of business, staff, personal and family needs.
Our team at KMT Partners are qualified family business advisors who take a holistic approach to plan support for you.
We will work with you to develop your Succession Plan by identifying your succession options, clarifying your objectives – considering business, personal and family expectations – and defining the steps you’ll take to achieve them.
It’s also crucial to consider Succession Planning is an important aspect of your overall business strategy that requires regular reflection and ongoing development. The guidance that considers both short and long-term business value growth will have a substantial impact on your own wealth.
Many business owners don’t recognise the importance of Succession Planning until it’s too late, resulting in a stressful journey and significantly reduced sales outcomes.
Learn more: Why all businesses need to plan for succession
Succession Planning is not an event; it’s a process. The earlier you start planning, the greater the outcome for everyone involved.
Contact us today to get started on Succession Planning so that you can extract the maximum value from your business with minimal stress.