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Financial Succession Planning

The success of many family businesses is due to the drive and vision of one or two individuals.  However, if these individuals do not transfer their vision and know-how to the future owner and managers of the business, the success of the business will be limited to the working lives of the current owners.  It is therefore necessary to put in place a succession strategy which identifies the future successor and equips him or her with the necessary skills to carry on the success of the business.

If the retiring owner is dependent on the business for his or her retirement income, the succession strategy will need to achieve the necessary cash-flow to be successful.

If there is not a suitable successor in the family then other options available to the business owner are:

• Sale to key employees
• Sale to a competitor or consolidator
• Sale of assets and distribute proceeds