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Most leaders genuinely want the business to continue to be successful when their tenure is over. Without a structured succession or exit plan in place, however, they are making the transition much harder for their trusted staff. This is particularly so if the new leader comes from outside the business and doesn’t know the culture or the aspirations of the team.
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Affinity Accounting Plus is a firm of Brisbane Accountants with an active programme in place to encourage their clients to undertake structured Succession and Exit Planning. This process plans the orderly transfer of the business to the new owners who may be strangers or Cheap Gerard Deulofeu Jersey , in a family business, to sons, daughters or other family members. The benefit of doing such an exercise in a structured manner with a financial expert from outside the organisation is that the difficult questions will be asked and answers expected. This often doesn’t happen when the organisation tries to do this in-house.
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The process for developing both succession and exit plans is similar with slight differences in the focus, depending upon the purpose for which they are intended. A succession plan typically is designed to smooth the handover to family members once the owner has decided that she wants more leisure time or full retirement. It seeks to preserve the attributes that made the business successful, while allowing the new managers the freedom to innovate.
An exit plan recognises that the most valuable businesses are those that do not require a full time commitment from the leader. Getting the business to this point allows the owner to go on an extended holiday knowing that everything will still function. It is also the best way to set the business up for commercial sale. Knowing where all the legal documentation is located, having a structure that is commercially attractive and protecting the interests of the remaining staff are some of the issues that will be discussed.
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