Exiting your business does not necessarily mean selling your business. It’s usually your choice: you may decide to retain ownership of the business and put somebody else in charge, or you may hand over the reins to a family member.
Whatever your decision, there’s a lot of work to be undertaken and hard decisions to be made before you can be confident that you have a rock-solid succession plan. Sadly, many business owners do not prepare adequately for the future and for the majority of small businesses, no succession plan is in place.
Not only does this leave the business and it’s owner at risk in the case of an illness or unexpected event, the lack of an adequate succession plan can handicap the business by not recognising or developing the talent required to achieve business growth and increased profitability.
A form of insurance… and more
You can look at succession planning as a form of insurance. However, it can be much more and the process of constructing the plan can often bring out issues that may otherwise lie dormant, particularly in family-run businesses.
By giving staff and colleagues a voice through which they can express their views or concerns, issues can be addressed in a timely and stress-free manner, before the business reaches crisis point.
If you are worrying over your succession plan or the future of the business, it’s likely your staff will be as well. By planning for it together, if done correctly, you can inspire your staff to stay positive and involved.
How we can help
Gordian Solutions and its associates can work with you to identify and develop the talented individuals you need to ensure business continuity and enjoy a stress free business exit.
- Work with you and your team to develop a bespoke succession plan for your business
- Highlight the critical individuals within your business and identify potential cover
- Undertake skills audit and training needs analysis work
- Carry out psychometric assessments, benchmarking individuals to job roles, both current and future
- Help you with recruitment search and selection
We can also provide all the legal support required to perform background checks and draw up watertight contracts.