Succession Planning is about clarifying what you want for the future and defining the steps required to turn that vision into a reality, while taking into consideration business, personal and family expectations.
A carefully considered exit strategy reflects the hard work and capital you have invested in your business. We want to work with you to develop your Succession Plan to ensure that the expectations of all parties are addressed and achieved.
Who should have a Succession Planning session?
All business owners should have a Succession Plan in place. Whether you plan on exiting in three years or 30 years, it is important now. It is not just about extracting maximum value from your business to provide for your future. Should an unforeseen event occur, lack of planning will cause unnecessary stress and potentially compromise your sale price, client relationships and the overall reputation of your business.
What is involved?
We will facilitate a half-day one on one Succession Planning session where you will define your goals and objectives with respect to your eventual exit from your business. You will complete pre-work prior to the session to identify any burning issues so that we can prepare accordingly. During the session, we will work with you to create a concise Succession Plan to guide you through this process. We will help you:
When should I have a session?
If you wish to take a more passive role or sell your business within the next three years, we recommend you start the ongoing Succession Planning process now. The earlier you start, the more likely you are to achieve your goals within the timeframe you set. The longer the planning phase, the more time you must groom your business for sale and attract the right successor.
Benefits of a Succession Planning session
Director - Tax & Legacy