A Succession Plan is important to ensure the long term health and evolution of your business. It is critically
important if you don't want to leave your business to fate. Having a succession plan can help the business
survive and prosper into the next generation or can help ensure that you and your family obtain the best value
for the business.
Succession planning also assists your business growth through development of strategies to ensure that key
leaders with the necessary expertise are in place as needed. Succession planning should be an integral process
to all business planning and ensures that the hard work that has gone into the establishment and growth of
the businessis maximized for future generations.
Succession planning is based on your, and the businesses, long term goals. Some of the questions that may be
posed in the planning process may be:
• What are your long term goals for your business? Do family members have similar goals? If not who would be
a candidate to take over your business or purchase it?
• What would you like to see happen to your business upon your retirement? Death?
• Do you want any family members to participate in the business and do they want to?
• What education/training do possible successors need?
• Who is most suited to be in charge? Play supporting roles? Sit on the sidelines?
• Should family members who are not participating be given an ownership interest in the business?
• Are there key unrelated employees who are essential to the success of the business? What can you do now
to ease their fears so they don't leave at a critical transition point? Are these people possible candidates to be
leaders of the business? What training will they need to ensure they are ready to take on key positions as the
business develops? Do you need to develop an incentive or share plan to encourage leaders within your
employees?
• Is there sufficient financial resources to realise the transition and how should it be done fairly?
• Are there any taxation issue that need to be considered and planned?
• Is the current legal structure suitable?
• What legal agreements need to be undertaken and completed?
• If the business is to be sold, how will this be executed, are there any possible candidates for purchasing, what
processes will need to be undertaken?
Succession planning should be also used through the growth stages of your business to ensure that the business
has access to key staff and leaders at all times. Having the appropriate talent and expertise at the right time is a
key element to the success of business growth strategies.
Haus Zum Thurgauerhof has within its organisation and key associates, the skills and expertise to guide business owners through the stages of succession planning in a thoughtful, empathetic and thorough manner. Our
combined legal and economic expertise ensures that your asset will be protected through major life changes that may unexpectedly occur, and that adequate thought has gone into the future leaderships skills of your organisation.
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