Succession Planning

Effective succession planning is one of the key factors in ensuring the long-term survival of your business.

A question to pose is: “If I were hit by a bus tomorrow, what would happen to my business?” or "I wish to retire what are the next best steps for my business"

Unfortunately, many managers and owners are caught up in the day-to-day running of operations then an incident will occur such as a vital staff member leaving suddenly, falling ill or retiring and they are left wondering how to fill the void.

A succession plan outlines how the critical roles in your business will be filled in the future.  The process involves identifying the positions critical to the on-going success of the business, thinking about when the people in these positions will leave your business and deciding how they will be filled.  Consideration should also be given to future goals and the skills that may be needed.

Apart from long-term planning, there is also the issue of handling short-term emergencies when a key staff member is ill or leaves the company unexpectedly.

In a family business, a succession plan may also deal with the roles various family members will take in the business, the way the ownership of the business will be transferred from one generation to the next and the role to be played by family members who have retired.

At The IBA we will assist you in all strategic planning and any financial needs involved in succession planning.

To discuss this service in more depth or to receive more information please contact us