Business Succession Planning

It’s a question of planning

There are fewer aspects of business with a more personal aspect than business succession planning. Every family business is unique but at Avid Partners – Accountants & Business Advisers we use tried and tested methods and processes to help you ask all the big questions and get the right answers.

If you are considering your options in this area, you will be currently asking yourself many questions.

4 questions to answer first

At what point do you wish to retire?
What will you do with your time?
What measures have you put in place to finance your retirement?
What involvement if any, will you have with the business upon retirement?

We’ll talk through your options when choosing your successor…

What skills, qualifications and experience will your successor need in order to carry your business into the future?
Will your family successor be ‘ready’ when you want to retire or will you need to consider an interim manager, possibly an outsider?
How will you identify that family successor?
With whom will you consult during the selection process?
While you may be struggling to let go of the company you’ve spent a lifetime building, your son or daughter may well be wondering if you will ever retire and what kind of future they will have in the business