Business Succession Planning For Dummies

Business Succession Planning For Dummies-51
Knowing exactly how, when and to whom ownership will be transferred is the most likely way the current owner will maximise their returns.Choosing the right successor and making sure the transferral happens at the right time is the best way to ensure the ongoing success of the business.You could decide to transfer ownership of the business to a family or non-family member.

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Transferring ownership and control of your business to a family member might not be possible or feasible.

After careful consideration you might conclude that a non-family member — a current employee, someone who knows the business and is committed — is best placed to take the business forward. To minimise the risk of problems arising, communicate the reasons for their appointment to your staff and make it clear that it's in the best interests of the business.

As well as knowledge of your firm and type of business, they will need the necessary leadership skills and personality to motivate and manage others within your business. Disposal selling the business is the best option if there is a need to raise cash perhaps to fund retirement , an absence of successor or the family has no desire to continue its involvement in the business.

Deciding to sell can be tough for owner-managers who can feel reluctant to let go of a business they have nurtured for years.

However, if you need to generate funds for your retirement, a sale might be your only course of action.

Choosing a family member as a successor is a popular option for many owner-managers — especially when the person already works within the business.Setting aside enough time to do sufficient thinking in advance and then formulating an effective succession plan is the key to success.An effective succession plan should form part of your overall business development strategy.To test their readiness, you can begin to lessen your involvement and give your successor responsibility for making some important decisions.Give them the necessary time to equip themselves with the skills and knowledge they need, otherwise you will be setting them up for a confidence-sapping fall.When considering potential successors look for evidence of commitment.Assess skills and experience carefully, because the person you choose needs to have what it takes.This could be a family or non-family member who has worked for you for some time, someone who knows the business well and who has the necessary skills to take control.Identifying the right person to take over the running of your business can be a difficult decision.Indeed, you might decide the best course of action is to wind up the business altogether by means of voluntary liquidation.Begin by considering whether there is an obvious choice of successor within the business.

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