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Succession Planning
Thoughtful succession planning is an essential aspect to owning a business. Whether you’re identifying and nurturing the future leaders of your business or conducting an external search, planning is essential for both the business and departing leader.
What does the future of your business look like?
Taking the time to think through your personal objectives for your business and reflecting on timelines will help clarify the options available to you. While it may be daunting to start to plan succession a few years out from the event, it is essential to provide structure and support to your decision-making process and ultimately achieve your objectives. Plans can always be adapted, changed, and refocused but time can never be recovered.
When planning to exit the business, be it through generational succession, a management buy-out, IPO or an external sale, a clear roadmap helps future decision making, minimises tax implications and assists in a smooth transition. For some business owners finding the time to step back from day to day management and focus on the future vision of the business and personal aspirations can be challenging. Your Forvis Mazars advisor will help you assess your options early, be that to identify a successor and nurture internal talent into key roles, or discuss whether selling the business is the best option.
Developing a clear succession plan will put you and the future owners of the business in the best position to maintain business value and enable a smooth transition.
Start planning your succession, contact us and a member of the Forvis Mazars team will be in touch to discuss further.