Succession Planning Hub
Secure the Future of Your Business with Advantage Business
What’s your journey as a business owner? Will you run your business until retirement? Or will you sell and move on to a new venture? No matter what your end game looks like, it’s important to have a detailed succession plan in place so that your business continues to thrive after you step away. However, many business owners fail to prepare a succession plan.
Why Succession Planning Matters
Just like in chess, the final move often depends on many earlier strategic decisions. At Advantage Business, we understand that succession planning is a journey best embarked upon long before the endgame. It’s a service area we excel in, and our vast experience plays a vital role in ensuring business continuity and success for many of our trusted clients.
According to research conducted by Brandon Hall Group, 39 per cent of respondents said their business would have no viable leadership candidates internally if the CEO exited. And, 71 per cent of respondents also said their leaders are not ready to lead their organisations into the future.
Because the old adage is true: Failing to plan, planning to fail; here’s how you can prepare a succession plan so you and your business can have a brighter, better future.
Our Approach to Succession Planning
We’re experts in understanding the intricate dynamics of businesses of all sizes, particularly in family businesses, and how they intersect with succession planning. Our mission is to secure the future success of your business. Our expertise extends to restructuring your business model and talent management processes, ensuring that it thrives under new leadership.
- Enhanced Value: We elevate your business’s financial returns, making your exit more rewarding.
- Robust Business Model: We position your business robustly for future success, ensuring its legacy.
- Exit on Your Terms: Our goal is to help you exit on your terms, securing your lifetime of hard work.
- Diverse Expertise: Our advisors bring diverse industry backgrounds to create a tailored succession plan.
Is Succession Planning Right for You?
Succession planning is not exclusive to large corporations; it’s essential for businesses of all sizes and industries. Whether you aim to sell, pass your business to family, retire, or pursue new ventures, a well-crafted succession plan ensures a seamless transition.
Expertise We Offer
Start Early for Success
Succession planning isn’t a last-minute endeavour. Ideally, it should be in place from the inception of your business. However, if you’re further along, we recommend creating a plan no less than five years before your planned exit and executing it at least three years ahead.
Key Steps to Develop Your Plan
1. Define your type of plan
Are you selling your business to fund retirement? Or will you hand it down to a family member? Whatever your goal may be, you need to know what it is before you start planning and keep it in mind throughout the process.
2. Choose a team to manage the plan
To ensure your plan is executed effectively, create a team (usually comprising senior management staff) who are responsible for carrying out the agreed processes.
3. Identify any influences or external factors
Your succession plan should take into consideration external factors like changing economic conditions and technological advances in your field. How will your business cope with these changes?
4. Pick out talent
You should start identifying potential leadership talent at least three years in advance of leaving as well as making sure that they have the skills and attributes needed to succeed.
5. Build action plans for training and development
Your successor needs to be prepared to take on your role. This will also require buy-in from the rest of your leadership team as they will be a vital resource for your successor when you’re gone.
Leadership Development
Identifying and nurturing future leaders is critical to your succession plan. We help you identify potential leaders and provide them with the necessary training and development.
Retaining Quality Leaders
Retaining top talent is crucial. We offer strategies to build strong relationships with successors, establish a sound succession plan, and create channels for feedback and reviews.
Family Business Succession Planning
Family businesses have unique challenges. Our experts can help you navigate the complexities and create a detailed succession plan that benefits all generations.
Leverage External Resources
External resources, such as establishing a board or working with a business advisor, can streamline the succession process and ensure a smooth transition.
Table Stakes for Success
Internationally, having an exit plan is considered ‘table stakes.’ It’s a crucial aspect of your business strategy and ensures you’re well-prepared for whatever the future holds.
Advisor Wisdoms
“Rudimentary business principle: Don’t start your business unless you know how you want to get out.”
Rod Way, Director Advisor at Advantage Business
Succession Planning Articles
Transform Your Businesses' Succession Plan
Let Advantage Business be your guide in developing a comprehensive succession plan that secures your legacy and ensures a bright future for your business. Take advantage of our free consultation offer, and join us for a coffee and receive expert succession planning advice and support.