Succession takes time even without a fixed transfer date. Stale market forecasts cannot replace individual planning for the business, family, staff and customers.
Make the business transferable
Document contracts, processes, responsibilities and financial foundations. Qualified advisers should support valuation, tax and contracts; trade bodies can offer initial guidance.
- Set personal and business goals
- Reduce owner dependency
- Organise records and figures
- Assess succession options openly
- Plan handover and communication in stages