Business Succession Planning For Dummies

Business Succession Planning For Dummies-42
If such a person does not exist, you might be forced to bring someone in from the outside. Trust is the major issue if control of your business is given to an external person.You will need to be sure about their skills and experience because the person you choose should have what it takes.

If such a person does not exist, you might be forced to bring someone in from the outside. Trust is the major issue if control of your business is given to an external person.You will need to be sure about their skills and experience because the person you choose should have what it takes.

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When considering who is best equipped to take the business forward you must remain objective.

Be guided by the needs of the business , not emotional considerations.

As well as knowledge of your firm and type of business, they will need the necessary leadership skills and personality to motivate and manage others within your business. Disposal selling the business is the best option if there is a need to raise cash perhaps to fund retirement , an absence of successor or the family has no desire to continue its involvement in the business.

Deciding to sell can be tough for owner-managers who can feel reluctant to let go of a business they have nurtured for years.This could be a family or non-family member who has worked for you for some time, someone who knows the business well and who has the necessary skills to take control.Identifying the right person to take over the running of your business can be a difficult decision.Knowing exactly how, when and to whom ownership will be transferred is the most likely way the current owner will maximise their returns.Choosing the right successor and making sure the transferral happens at the right time is the best way to ensure the ongoing success of the business.To test their readiness, you can begin to lessen your involvement and give your successor responsibility for making some important decisions.Give them the necessary time to equip themselves with the skills and knowledge they need, otherwise you will be setting them up for a confidence-sapping fall.Setting aside enough time to do sufficient thinking in advance and then formulating an effective succession plan is the key to success.An effective succession plan should form part of your overall business development strategy.Indeed, you might decide the best course of action is to wind up the business altogether by means of voluntary liquidation.Begin by considering whether there is an obvious choice of successor within the business.

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