When a business partnership comes to an end
It’s been said that a business partnership is a lot like a marriage, and the comparison holds true when things go awry: the end of a partnership is a lot like divorce.
Lawyers will be involved and assets will need to be divided.
However, a separation need not be overly dramatic or unnecessarily painful. This is where succession planning comes in.
It’s never too soon to start succession planning
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.
At EMB Business Solutions, we prepared these tips that can help make separation easier – and more amicable – should your business partnership come to an end.
If you’d like detailed help with any aspect of your business, we’re here to help. You can contact us by calling 1300 784 595 or email us at eric@emb.net.au.