Very simply, every business, regardless of its size or the industry it operates in, should have a business succession plan in place. Many business owners believe that succession planning is unnecessary because they are not intending to exit the business in the foreseeable future. However, succession planning does not just help with planned exits, it is essential for preparing businesses for unexpected events. Without a succession strategy in place, a sudden illness, accident or resignation can have devastating consequences to any business.
Everyone’s ideal future is different. Some business owners may want to step back from the daily operations into a strategic ownership role. Others anticipate leaving the company completely. UHY Haines Norton’s succession planning specialists will work with you on a strategic business analysis to expertly assess all of your exit options. Our role then is to assist you to develop and implement an effective business exit strategy. This ensures both a smooth transition into your planned future, but is also designed to put measures in place that protect the business from unexpected events.
Studies show that businesses with succession plans experience higher growth and have a higher survival rate than those without.
Our first consultation is free – contact us to learn more about how we can help you with succession planning, exit strategies and estate planning. For a succession planning expert who understands how to safeguard your business’ or family’s future, contact us today. Our Auckland offices are located in Henderson (head office), Auckland CBD, Kumeu and Helensville.