Succession Planning Days

“In this world, nothing is certain except death and taxes“ as famously quoted by Benjamin Franklin in 1789. Fast-forward to 2020 which showed us even more how true uncertainty is and how agility is ever more important.

Nevertheless, having a plan of what your succession plans are, or might be, helps owners and directors focus on the issues that will make the journey more of a success and the final destination more tangible.

When we start a business, few of us plan for an end-game, however as Churchill said "he who fails to plan is planning to fail". The options for the future are of course mercurial at best, but that shouldn’t stop the ambitious business owner from exploring the variety of routes.

These succession routes can vary from a simple trade sale to a lifestyle milking the business and closing the doors, to building a legacy business for the next generation and beyond, and these are just a few of the many options we can explore.

The format of the day:

• On this journey of discovery, we will help you examine and prioritise your personal objectives, drivers and timelines, but by using our well-tested process we can help tease out the plethora of options that need to be explored.
• We will facilitate confidential one-to-one meetings with the shareholders beforehand (if required) and then group debates on the day, discussing the pros and cons of any chosen route which has already been highlighted.
• We will discuss with you the main possible exit options taking into account the future of the business and how it will succeed without you/other shareholders.
• Once a destination option or options start to emerge, we can start to draw out the various maps to the target or targets. From this, the key strategic goals will emerge, to enable success and the route to put them in place.
• Once your journey is mapped, you may wish to consider how/and if, this needs communicating to your key team members. We can help you articulate the message, in the right format and advise on the best form of delivery.
• If required we can examine your financial requirements using our wealth management partner, to put some financial robustness around any options.
• Succession planning days are strictly private and confidential with only the shareholders present, or if preferred the senior management team/key directors.
• The day can be facilitated off-site if preferred.
• If there is something specific you would like to focus on during the succession planning day, that's great, we can schedule that into the day's agenda and ensure there is enough time to focus and dedicate to the matter.
• Following the succession planning day, we will build you a tailored pack on the outcomes and any matters which have been agreed upon. We will provide an overview of possible routes, with tax and legal elements also to take into consideration.

Of course, plans change, we all saw this throughout the coronavirus pandemic, but there is nothing so comforting as having explored alternatives should you need to activate them for whatever reason.

So whether you are at the start of your journey to succession, or whether you believe you are approaching a time when you need to focus a little more clearly on an end-goal, contact us to start to help you map out the route to a succession.