It’s never too soon to implement strong succession planning
The more you know about what will happen to your business after you are gone, the better equipped you will be to run it.
Poor succession planning makes many business owners exits long, drawn out and draining. While wise planning not only assists in your transition out of your business, it can help focus your efforts onto what you want your business to become.
You don’t want your business to end because it failed
There are a number of preferred scenarios for the ‘end’ of your business:
- You sell your share to a partner or other party
- You sell the entire business
- A family member inherits your business
- You continue to own, but cease to run your business
As you can see, all of these options require that your business be in a healthy, vibrant and profitable shape. Because the value of your business at the time of sale, inheritance or retirement has a significant impact on your long term wealth and/or that of your business partner or family.
Succession planning is a specialised area that relates directly to the purchase and sale of businesses. That is why Rinnovate offers a unique and valued succession planning advisory service.
Please get in touch for a consultation so that you can be sure your are leaving your business in the best way possible, at the right time and for the right amount of money.
It’s too important a plan to trust to anyone but the very best.
Expertise, guidance and advice
This is where professional guidance and advice can be crucial. An external, expert eye will help you with:
- Your personal goals within the business
- Business growth goals
- Areas to outsource
- Controlled growth
- Growing profits, not just sales
- Managing your business as it transitions in size and structure