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Taking time to plan for the day you may pass your business on to someone else is just as valuable of an investment as any of your other business planning. While you may not know this when you’re just getting started, it’s important to keep in mind as you continue to run and grow your business.
You may decide to retire or leave your business for health or personal reasons. It's important that you spend the time with whomever you pass your business on to for a smooth transition of ownership and business operations.A good succession plan should help your business transfer smoothly from you to the new owner. By planning your exit early, you can maximise the value of your business and help it to meet your future needs.Regularly reviewing and updating your plan as time passes ensures you are adjusting to meet new circumstances. Having your succession plan up to date will ensure you are always ready, in case you need to leave earlier than anticipated.
When writing your plan and before you start using it, consider the following:
Your succession plan can consist of these elements:
The succession section. The succession section requires the most consideration and should cover areas such as:
The finances section. The finances section of your succession plan covers detailed financial information relevant to the planned succession of your business, including:
Supporting documentation. Under the supporting documentation section, list you’re the attachments included in your succession plan. These may include copies of:
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