5 Top Tips for Succession Planning

• One of the first considerations in succession planning is identifying a successor. This could be a family member, current employee, or outside party. It’s important to consider the qualifications and capabilities of the potential successor in order to ensure a smooth transition and continuation of the business.
• Another consideration in succession planning is the transfer of ownership. This includes the legal and financial aspects of transferring ownership, such as drafting a purchase agreement, transferring licenses and permits, and transferring any outstanding debts or liabilities. It’s important to consult with legal and financial experts to ensure that the transfer of ownership is handled properly.

• Succession planning also involves training and development for the successor. This includes providing the successor with the necessary skills and knowledge to run the business effectively. You should consider providing the successor with mentorship, training, and opportunities for hands-on experience.
• Financing is another important consideration in succession planning. This could include providing the successor with a loan or investment in the business, or arranging for outside financing. It’s important to consider the financial needs of the successor and the business in order to ensure a successful transition.

• Finally, it is important to communicate with stakeholders, such as employees, customers, suppliers, and partners, about the succession plan. This helps to ensure that everyone is aware of the plan and understands the changes that will take place. It also helps to build trust and confidence in the successor, which is crucial for the success of the business.

Succession planning involves identifying a successor, transfer of ownership, training and development, financing, and communicating with stakeholders. By considering these factors, you can ensure a smooth transition and continuation of their business. It is important to consult with legal and financial experts, and to plan ahead to make sure all the details are covered. It is also important to have a clear communication plan to make sure everyone is on the same page with the changes that will happen.

Who is ActionCOACH’s Business Coach Mark Dilks?

Mark Dilks is an accomplished business leader, experienced coach, mentor and business builder. He supports business owners, executives and teams across Milton Keynes, Bedford, Northampton, Luton & Dunstable in all aspects of building profitable high growth businesses; from start-up phase all the way through to maturity and divestment. No matter what challenges you are facing, Mark will invariably have encountered a similar situation previously and will be able to support you to quickly and efficiently overcome your business hurdles by sharing examples of how other business have solved similar problems that you are experiencing. He is motivated, driven, tenacious and is able to get the very best out of all the resources available to his clients and to ensure that the maximum results possible are achieved.