Succession planning is an important piece of the strategic planning puzzle. It’s all about laying down plans for exiting your business, whether you’re heading into retirement or ready for a change.
There are two types of strategic planning: planned and unplanned. Planned succession typically means having a plan to sell or hand your business over to capable hands when the time is right aka retirement.
Often, this process involves getting your business sale-ready. What is it worth? How can you increase business value before you sell?
Unplanned succession, on the other hand, is when an unplanned event forces you away from your business. The most common reasons are death and illness.
Whether planned or unplanned, documenting your succession is crucial to ensuring a smooth transition of leadership and ownership, maximising value, minimising disruption, and preparing you for unexpected events.
Our series on succession planning covers six key focus areas:
