Succession planning refers to the process of selecting new leaders to replace the business owner or senior team member when they leave, retire or pass away. The process is designed to ensure the new team member is fully prepared and capable of taking on the new role without disrupting the business. Too many businesses fail to adequately prepare for this time and often find themselves stuck in the deep end when it comes to replacing the current owner.
That’s where we step in. The EMB Business Solutions team can enable a smooth transition during this often turbulent time, by helping you plan ahead. Firstly, we’ll get to know you, your business, and your goals, so that we are on the same page. Then, we’ll work with you to develop suitable short and long term management options (including exit options) and identify any potential risks. Our team will prepare a detailed plan that enables you to minimise your tax, secure your future income and avoid nasty surprises in the future. As part of our comprehensive service we will assess any partnership or shareholder agreements, loan agreements and business structures to make sure they’re set up effectively.
Where necessary EMB will bring in on your behalf relevant specialists where required e.g. tax structure specialists, auditors, and lawyers who will work based on a brief EMB will prepare with you.
Our focus is always on the continued success of the business, so we’ll work closely with you to ensure our strategies and recommendations align with your business goals.
In our experience, there are three main reasons people put off succession planning:
– They don’t want to hurt the business if people find out they want to leave (for example, this might cause staff to leave or competitors to find out).
– They are unsure what they will do once they get out of the business.
– They don’t think they will be able to get much for the business, so they continue working.
We understand that this can be a daunting time of your life to think about, but it’s critical to ensure a smooth transition in the future. Don’t waste years of hard work by failing to plan.
There are a few succession strategies available to ensure you maximise the value of the business, while minimising stress to you. These include:
If you’d like peace of mind when it comes to your future, talk to our experienced team today.