Let’s talk about Succession Planning

25 March 2021
Let’s talk about Succession Planning

Succession planning might seem uncomfortable, unnecessary, or something that you can afford to procrastinate. However, with ample preparation and the guidance of a Kendons advisor, succession planning can be both empowering and beneficial for your business.

Succession planning is a key step to ensuring your business is prepared for inevitable changes in the future. It is essential if you are thinking of moving on from your business, but a plan should ideally be in place long before this time comes around.

At Kendons, we see a lot of clients who are looking to move on from their current position within the business and aren’t sure how to approach the situation. Many business owners think that succession planning is low priority, or only important within large organisations. However, with the help of Kendons, succession planning can be incredibly manageable and worthwhile – no matter the size of your business.

There are many ways to go about succession planning. Plans need to be suited to your unique business as it develops alongside societal and economic changes. It can mean bringing someone up through the business over time, introducing someone into the business from the outside, or even the full sale of the business to an outsider. No matter the situation, there are two non-negotiables when it comes to succession planning.

Planning early

Often clients don’t realise how long the succession process takes. It’s crucial to start planning early as things can get stressful and financially complex if left to the last minute.

By making sure your succession plan is in place early, you’re avoiding feeling uncertainty and anxiety about the future of your business.

Getting appropriate advice

There are many ways a Kendons advisor can help you through the succession planning process, whether you have no clue where to begin, or you just need some help with financial details.

We can help by:

  1. Breaking down what a succession plan is, how to implement one, and why they are important
  2. Prioritising steps based on your unique situation
  3. Simplifying and articulating your succession plan
  4. Assessing the value of your business and looking at ways to maximise this
  5. Managing tax implications
  6. Introducing you to a business broker if the plan is a complete exit
  7. Holding you accountable so you can maximise the value of your business.

With proper preparation and advice, succession planning can be a simple safeguard for your business’ future.

 

If you don’t have a succession plan in place yet, it might be the right time to get started. Talk to a Kendons advisor today about what we can do to ensure you’re prepared for future changes.

Keen to give your business the Kendons difference?  Let's Talk

PKF Kendons is a member firm of the PKF International Limited family of legally independent firms and does not accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms.

"PKF" and the PKF logo are registered trademarks used by PKF International and member firms of the PKF International Network. They may not be used by anyone other than a duly licenced member firm of the Network.