Succession Planning
“True succession planning takes time – it is a process, not an event.”
We all dream of the day when we can retire – whether it is to spend more time with family and friends, volunteer, to travel, take time to sit on the beach and read a book, play golf or to simply have more available time to enjoy life.
But, when you own your own business, there is a lot more involved than handing in your resignation letter, collecting your last pay check and exiting stage left. Planning for this moment often begins long before you can start enjoying the benefits of more time.
We work with a wide variety of business owners – often talking with them on a daily basis – and the one area that we come across frequently is that little consideration has been given to what happens next. Whether your dream is to sell, pass the business on to children or transition the business ownership to a member of your existing staff – you still need to plan for this moment.
RevenYou has partnered with Loftus Advisory – a profitability and performance business that specialises in the tourism sector - who have developed a Succession Planning Package that is now available to our clients who are seeking assistance in this area.
Loftus Advisory will work together with you to understand, and guide you on this journey.
What is your dream – retire, sell, install a manager or pass the business on to your children.
What is the timeframe for making your dream become a reality.
What do you need to do now to realise your future goals.
Develop and document your succession plan.
Connecting you with the right people to bring your succession plan to life.
There are many areas to take into consideration when beginning your succession planning:
Understanding that this is not necessarily a plan for right now – a succession plan may take anywhere from one to five years to implement – and any delays may result in quick decisions having to be made when under extreme pressure. By proactively planning, you minimise the need for reactive decisions. Once developed, your plan can be filed away for as long as you need, and retrieved when you are ready to execute it.
By succession planning now, you can begin to structure your business’s operations in a way that enables you to reduce your time within the business gradually and, ultimately, stepping away when you are ready.
By developing a plan now, you can start to organise your business to ensure it is at its most profitable in readiness for sale.
You can work with your accountant, financial planner and specialist consultants to implement the required corporate governance to enable you to step away from the business when you are ready to do so – ensuring a successful transition of your business to the new owners or management team.
If you would like to discuss your business’s future in further detail, or to be introduced to Loftus Advisory, please do not hesitate to contact me directly. We look forward to supporting you in the development of your succession plan.
