6 top questions for business succession planning

Airedale Enterprise

6 top questions for business succession planning

by Sue Hanson,  BSH People Ltd

 

When should I start business succession planning?

Ideally, when you start your business – you should plan how you want your business to develop and your eventual exit strategy. Don’t leave it till the time you want to sell – you may have missed opportunities, or lost good people, that would have improved the value of your business.

 

Surely, it’s easy to sell your business for the price you think it’s worth?

Valuation can be a contentious minefield – businesses, like houses, are only worth what the buyer is prepared to pay, and typically they want to pay as little as possible by finding faults that will drive the price down.

 

What are the options for my exit strategy?

There are five options – these are explained clearly and in detail with their associated advantages and disadvantages

 

In a family business, how do I meet the needs of all the family involved when I want to sell?

Family members involved in the business may have different needs in a proposed sale – we’ll discuss how to manage possible family conflict and how to negotiate the “best option” for all.

 

Are there tax and legal implications when selling a business?

Of course, and some are to the advantage of a small business. Learn about the financial and legal implications for different sales options from Debbie Whitaker, MD of Not Just Numbers, who will answer your questions

 

What do I need to do with my employees to make my business sales-ready?

Identify and develop your key people whose knowledge will be essential to a future buyer – we’ll help you plan how to tie in key employees, so they add value to the sale.

 

What will I gain out of this day?

The opportunity to discuss the future options for your business with other small business owners in a confidential environment

Clear understanding on how to identify and practically develop your key people to take the business forward

Your financial questions answered by the MD of a highly successful Yorkshire-based accountancy company

A take-away workbook to create your business succession plan.

 

 Next course taking place on 22nd October – please Click Here for the course outline