A succession plan will help you leave on your terms and the new owner get the best possible start.
A succession plan is a strategy for identifying, developing and transitioning a new leader or owner for your business when you need to leave whether it’s for retirement, a different opportunity or health reasons.
Planning ahead ensures the new owner has everything they need to successfully assume their new responsibilities.
Planning your succession can also generate other strategies for a smooth transition, for example, providing training to help your business adapt to a new leader.
Your succession plan should include specific information about your business including, its value, employees, and registrations, as well as your departure strategy and plans, e.g., details about timeframes, handover activities and successor/s.
Regularly reviewing and updating your plan as your business changes ensures you are ready in case you need to leave earlier than planned.