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Succession Planning
Succession planning involves assessing, devising and implementing an "exit strategy" for the business owner or owners. This may be what the owner wishes to happen when they die or it could also be a plan for the transition to new ownership as the current owner plans to retire or move on to other interests.
It involves identifying and developing internal and/or external talent to take the business forward. Succession planning is a success when planned well ahead of time.
If the proper planning has not been implemented and a transition of ownership takes place this can see not only the possible demise of the business but may also cause significant emotional stress and financial burden for those who are left associated with the business. Whether it be the loved ones of a deceased or the staff that stay at the business when owners change. As a responsible business owner it is important to have plans in place to secure the future of your hard work and dedication.
Planning for succession increases the availability of a pool of talent and/or buyers for a business.
PSK Corporate Advisory's succession management process develops and executes personally tailored exit plans for business owners.
We aim to ensure that when you exit your business:
Your financial rewards are maximised
Your business is ready to continue successfully after your departure and maintain your legacy; and
Your transition from business owner is a smooth and natural progression.
Starting to develop a succession plan during the years before you plan to exit, when there is no immediate need, allows you sufficient time to fully consider every available option.
We can act as your primary adviser and manage and liaise with other consultants as required. We can work with you to optimise your business’ appeal to potential purchasers so as to maximise its value.