Succession & exit planning

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Succession planning in the wider context of your business

Succession planning is not just for family firms, nor is it simply about planning for retirement. Your firm may be a sole practice or a large organisation with many stakeholders but the issue is the same. Succession planning is about deciding what the plan is for the future of your firm and then putting the right actions in place to deliver that plan.

Succession planning will be defined by whether your goal for your firm is to:

  1. •

    grow

  2. •

    hold (remain the same)

  3. •

    dispose, or

  4. •

    close

Once the goal is clear, succession planning becomes a lot easier. Your plans will always need to address the demands of clients, people, structure, finance and risk but the emphasis will vary according to your goal.

Staff retention will need careful management if you are looking to close, but nurturing the talent of the future will be critical if you wish to grow. If you aim to sell, the focus will be on what it is you will be selling.

There is no one answer when it

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