Request a Consultation
Having an effective Succession Plan encourages the growth and sustainability of your business….
A robust Succession Plan takes a minimum of 3 – 5 years from initial planning to implementation. To extract maximum value from your business you must have one in place.
Succession Planning allows you to transition your business to new ownership in a managed and systematic way; reducing stress while achieving a greater outcome.
It’s not just about extracting maximum value from your business. If you were hit by a bus tomorrow, how seamless and pain free would the immediate transition be – both for your business and for those who rely on it?
We will work with you to develop your Succession Plan by identifying your succession options, clarifying your objectives – considering business, personal and family expectations – and defining the steps you’ll take to achieve them.
Lack of planning can cause unnecessary stress and compromise your sale price, client relationships and your overall business reputation.
Whether you want to sell, pass on to a family member or simply take a more passive role, taking time to plan now will benefit all involved.
Succession Planning is a process; not an event… the earlier you start planning the greater the outcome for everyone involved.
Benefits of Succession Planning:
- • Provides a platform to develop Financial Forecasts
- • Determine what you want from your business
- • Stimulate strategic discussion around ‘what if’ scenarios
- • Clarify your succession process, defining tasks and actions to maximise your outcome
- • Prioritise key goals and milestones
- • Achieve alignment amongst owners / family members
- • Develop a tool to communicate your Succession Plan with family and other key stakeholders
- • We’ll act as an impartial sounding board to help you make decisions
We’ve developed this service to ensure that when you do exit you get the maximum return on the hard work and capital you’ve invested, and that the expectations of all parties are successfully met.
It’s crucial to consider Succession Planning as an important aspect of your overall business strategy that requires regular reflection and ongoing development.
Many business owners don’t recognise the importance of Succession Planning until it’s too late, resulting in a stressful journey and significantly reduced sales outcome.
- Is your business your succession plan?
- Do you know how much it is worth?
- How much do you need to retire?
Often there is a significant value gap between perceived value and market value.
Frequently Asked Questions
1. What is Succession Planning?
Succession Planning is a systematic process of preparing for the transition of leadership, ownership, or key roles in your organisation. The goal is to ensure continuity, minimise disruption, and enable the next generation of leadership to step in smoothly when the time comes.
2. Why is Succession Planning important?
- Protect the value and legacy of your business
- Reduce risk during owner exits, retirements, or unexpected events
- Retain institutional knowledge and lead transitions well
- Give confidence to employees, stakeholders, and potential buyers
- Improve resilience and long-term sustainability
3. When should you start Succession Planning?
It’s best to begin well in advance—ideally several years before you plan to exit or reduce involvement. That lead time allows for training successors, building systems, and structuring transitions thoughtfully.
4. Who should be involved in the process?
- The current owner(s) or leadership team
- Key internal candidates or management team
- Legal, financial, and tax advisors
- Family or stakeholders (if applicable)
- HR, operations, or other relevant department heads
5. What does a Succession Planning process look like?
- Clarifying your exit goals and timeline
- Valuing the business and assessing readiness
- Identifying key roles and potential successors
- Assessing gaps in skills, experience, and readiness
- Designing development plans and mentoring pathways
- Structuring the legal, financial, and tax elements
- Communicating and rolling out the transition
- Monitoring, revisiting, and updating the plan over time
6. How do you select and prepare successors?
- Aligning successor candidates with your values, vision, and culture
- Objectively assessing their competencies and fit
- Offering mentoring, training, stretch assignments, and progressive leadership exposure
- Setting clear expectations, milestones, and feedback mechanisms
7. What legal or financial considerations are involved?
- Ownership structuring (shares, equity transfers, buy-sell agreements)
- Tax planning to minimise burdens on the outgoing owner and successors
- Estate planning and wealth structuring
- Contracts or agreements governing transitions
- Valuation and financing arrangements (e.g. seller financing, earn-outs)
8. How often should the plan be reviewed or updated?
You should review your succession plan periodically—at least annually or whenever major changes occur (business growth, market shifts, change in leadership, etc.). Flexibility and adaptability are critical to keeping it relevant.
9. What are common obstacles or risks?
- Emotional and family dynamics (in family businesses)
- Choosing a successor based on relationships rather than capability
- Inadequate training or preparation
- Poorly structured financial or legal arrangements
- Resistance from employees or stakeholders
- Failing to revisit or update the plan
10. How do I begin Succession Planning with you?
You can reach out via the “Talk to an Expert” form on the Succession Planning page. We will schedule a consultation to understand your goals, current situation, and help you design a tailored path forward.