Business Improvement Program
Succession Planning & Selling
6. Succession Planning & Selling
You have created your legacy, now you need to decide what to do with it. Succession could mean transitioning the business to a family member or star employee, or it could mean selling it on the open market. Whichever is your preferred outcome, you need to start planning early to prepare the business and the people for the change. You will also need a good advisory team, such as your accountant, lawyer and banker, to make sure you are supported in the process. A healthy sale price, smooth transition with a win-win outcome for all parties is the goal and the chances of success increase rapidly with a plan in place.
Communication is essential to ensure everyone is clear on expectations and all driving towards the same successful outcome. To help you through this, your PKF Carr & Stanton adviser can assist with developing the plan, a communication strategy, completing business valuations, managing finance, business sale memorandums, keeping the advisory team on task and a whole host of other projects required to achieve a successful outcome.