Succession planning is important for every business owner, not just those looking to retire.
Succession planning isn’t just for business owners looking to retire, every business owner should prepare to maximise their business value, to minimise risk and to plan for the future. The earlier you get started on planning the better the outcome will be.
There’s a time in every business owners life when they must decide how to transition out of their business. As a business owner you have a variety of options to consider.
At Leenane Templeton we can help with a variety of options for succession planning including:
- Family Succession – Transferring ownership to a family member.
- Trade Sale – Selling all or part of the business.
- New Partner – Taking on a new business partner to run the business whilst you’re a silent partner.
- Scale Down – Allow others to manage the business and scale down your involvement, for example becoming an advisory role or board member.
- Hire a Manager – Cutting down your hours and passing to a trusted manager.
- Close the business – Review ways to sell off inventory, equipment, vehicles and maximise opportunities.