Succession Planning – Event Resources
You can see it on the horizon, and you know it’s time to decide the future of your business. Should you hand over to your children or should you sell?
This is the most important project you must complete successfully during the next few years. It will require massive amounts of your time, impact on the entire organisation, and determine the future of the business.
We partnered with Wright, Johnston & Mackenzie LLP to share the lessons they have accumulated from advising many business owners. Both firms are expert in their respective fields, and shared insight on a wide range of issues, including:
- Whether you should hand-over or sell.
- Selecting and training your children to take-over from you.
- How to resolve the family and estate conflicts which often arise.
- How to find the time to mentor and keep the business growing.
- Compensating you, financially, for the forgoing the business sale.
- If you decide to sell, how will you find the right buyer and negotiate a practical deal.
- Managing the impact of a sale on employees, customers, suppliers, and bankers.
Matt Donnelly, Managing Director of ad+
Matt discussed where to concentrate scarce resources within the business by comparing personal and business goals against actual results shown within the Annual Accounts of the business and the Personal Balance Sheet of the owner(s).