Succession planning

Handing over your business to family members successfully can mean the difference between being financially sound for life or losing the value of many years of hard work and effort.

More than 70 percent of family-owned businesses do not survive the transition from founder to second generation. Rather, they fall prey to a variety of foreseeable and avoidable problems. Developing and implementing a well-designed plan is essential to the long-term success of the business you've grown and developed.

Succession planning applies irrespective of whether you have family members looking to take over the business. One day you are going to need to exit from the business, through retirement or sale. Succession planning covers the key steps to prepare the business for that moment.
 
In the event of selling the business to an outside purchaser, Anderson Ballantine can manage that process for and with you. That can be an arduous undertaking.

It's important to keep this concept in mind: Ultimately, for your business to truly be a realisable asset, you need to constantly work on it with a view to selling it sometime in the future. Whether you do sell it or not is irrelevant. Keeping that frame of mind means that at least you will always be in a position to sell it and realise its true value, should you want to.

That focus gives you a greater awareness of the need to implement good systems in your business and make it less dependent on you. People want to buy businesses that work, not businesses that are run by people who work and work and work. Succession planning then is an ongoing, ever improving process and is just as much about working ON your business as planning for the future. Ask us about the concept of working ON your business rather than IN it and just what that could mean to you!