What is Succession Planning?

By February 9, 2017Blog
Succession Planning in Business

Ensuring that Your Business will Continue to Grow

For business owners who have put their heart and soul into growing their business, developing a succession plan can be a daunting task to face and one which is too often overlooked. However, if you want your business to continue to grow, succession planning should be one of your highest priorities.

What is a succession plan?

A succession plan will establish an orderly transfer of the management and ownership of the business to new managers and owners.

Why is it important?

Developing an early succession plan is beneficial for your business for the following reasons.

  1. Let your business grow and prosper. Developing a succession plan ensures the business survival, as well as allows your business time to grow and evolve into an even stronger entity.
  2. Peace of mind. When you plan your succession early on, you have plenty of time to train a person on both the strategic and operational operations of the business. This means you can rest easy knowing that your business is in good hands when you leave.
  3. Boost your office morale and employee engagement. Grooming employees for their future roles by giving them greater responsibility and investing in their long-term growth keeps them focused, motivated and loyal to your business.
  4. Maximise the businesses’ value. A good succession plan will involve a review of business strategy to identify areas of growth and opportunity, an action plan to clean up existing or looming weaknesses, and the grooming of business leaders coming through.

And finally…

With this in mind, the team at Advivo are committed to making succession planning a more prominent part of our service offering in the coming financial year. We understand that succession planning can seem overwhelming and that is why we want to make it as painless as possible for you.

A good succession plan will help your business transition smoothly to the new owner. More importantly, by planning your exit early, you can maximise the value of your business and use it to meet future needs. In this respect, succession planning is a lifesaver and we urge you to chat to us about this so that we can support you and your business’ future. Get in touch with us at Advivo on 07 3226 1800 or use our contact form.

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