For owner-managed and family businesses, the reality is that the future of your business will not always include you. Whether you decide to sell, retire, or simply just want to do something else, a good succession plan will lay strong foundations for a smooth transfer of your business.
Starting to plan early is key, especially in looking at management succession. What if a life event should arise unexpectedly, such as illness or death? Without a plan the future of your business could be at stake.
A good succession plan will help you:
- Protect the legacy of your business
- Build value in your business
- Provide financial security for your family and your stakeholders
- Address unexpected events (illness, accident or death)
Shepherd and Wedderburn has an expert team that can help business owners understand the ways in which they can build value in their organisation and embed the right management competencies to confirm that there is a sound succession plan .
For more information, visit the Family Business & Wealth page on our website.