Nobody likes to think about it, but it's inevitable that one day you'll leave your business. Whether you decide to sell up, retire or leave due to health reasons, it's important that you plan for that day. A succession (or exit) plan outlines who will take over your business when you leave.
A good succession plan will help your business transition smoothly to the new owner. By planning your exit early, you can maximise the value of your business and help it to meet future needs.
Make sure your succession plan is achievable. Set a realistic timetable and measurable milestones along the way and stick to them.
What to do...
- Refer to our Succession plan template and guide for assistance in developing your succession plan.
- Ensure you understand the rights and obligations that come as a result of Ending employment.
- Check our Events to see if there are any seminars about succession planning.
- Contact your nearest Business Enterprise Centre for free advice and support, or contact us.
- Get professional advice from a business adviser, accountant or solicitor.