Founder & CEO Empowering Business Owners to Exit on Their Terms
𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗳𝗼𝗿 𝗦𝘂𝗰𝗰𝗲𝘀𝘀𝗶𝗼𝗻: 𝗜𝘁 𝗡𝗲𝘃𝗲𝗿 𝗘𝗻𝗱𝘀! Managing succession is vital to long term value creation. In investor backed businesses, succession planning happens continuously. Acknowledging that each stage of growth requires a different skills set That business leaders each have different objectives. They have open discussions and plan well ahead to secure the next investor or phase of growth. It's normal to have a team with mixed objectives and motivation levels. But to plan effectively, you need to know who's in for the long haul vs ready to cash in their chips. Complex family dynamics can make succession planning a sensitive subject. But once you've had the difficult conversations, you can plan for the future. It might take time, but it will create a more sustainable business in the long run. If you're a family owned business grappling with succession - get in touch
Succession Planning is getting more traction across the news over recent weeks (🙌) But a piece of research this week showed that almost 1/3 of UK Family Businesses don't have a succession plan. Succession planning doesn't mean you're ready to take the next step, but it prepares you when the time comes, and gives you full knowledge and control over all the various options.
