Over 50% of business owners don’t leave their business on their own terms, mainly due to unforeseen circumstances such as death, disease, including disability as the main reasons.
What is Succession Planning?
As a business owner you are 100% guaranteed to leave your business one day. It’s just a matter of when and how prepared you are going to be. Succession Planning is a process that ensures both you and your company are prepared for the future and the outcomes. Our easy step process gets your business into the best shape it’s ever been to ensure you get the most from your life’s work.
What Do PS Business Succession Planning & Exiting Do?
Having years of experience supporting business owners, we make sure you are prepared for any eventuality, helping you to get more from your life’s work so you can exit your business on your terms, whether planned or unplanned.
Firstly, we will go through a review of your business in its current shape, looking at all areas to understand how exit ready is it? These include;
- Process and procedures
- Other non-finance areas relating to your business
We then put together a report of findings along with our suggested plan to make the business exit ready, improve the value of the business and explain the most appropriate exit options.
Once we know what shape your business is in, we can work with you over a period of time to make sure the right things happen in your business to change the value – with each action plan being completely bespoke to your business and YOU at the centre of it all.
We are an East Midlands based team that only do succession and exit planning, unlike other organisations that offer this as part of their wider services (usually accountants and solicitors), we focus on the holistic business needs and we’re good at it. We aren’t the experts in everything and work with select partners and your own advisors to make sure you have everything you need to guide and support along each step of the way, building the business up to be as valuable as possible, and to support you to make the right choices when it comes to exiting.
We will take you on an educational journey outlining the processes, procedures and the options available for you to consider along with practical hints, tips and important elements that are a ‘must-have’ to create a successful departure. Succession Planning in businesses is critical, so much so that there is funding available to help with the planning – something we can help you apply for if eligible.
We will get you AND your company exit ready – for whenever you want or need to hand the reigns over. We are with you all the way.
According to the PWC 9th UK Family Business Survey 2016 43% of business did not have an effective succession plan. As baby boomers retire, we are about to see the biggest inter-generational transfer of wealth in history. This makes it even more important to get succession planning right. The average age of business owners in the UK is 49 years. Many business owners see themselves working in the business beyond 65 years of age. An astounding 64% relying solely on the sale of their business to fund their retirement.
When starting to think about Succession Planning, there are 3 questions to answer;
- Are you building a company to eventually sell?
- Are you building a company to incentivize someone else to take it over?
- Or, are you simply building a company for yourself — your lifestyle, etc.?
Our experience shows that most business owners fall into one of the following categories and if you do, we can help!
My business is my pension”
But do you know how to make this happen in the most profitable way?
I’m going to sell the business for 3x the value..”
How do you know that it will sell and that you have buyers for it?
I’m too busy working in the business to think about the future – I’ve got plenty of time left yet”
Let’s hope you have, but it’s a good idea to plan, just in case!
I want to stay in the business in some capacity and still take an income”
We can show you the best options for you.
I am the business and it won’t run without me being here”
It needn’t be the case!
I have life insurance so my family is covered”
But what about those that are in your employ, often more than just colleagues?
I’m only a small business so we’ll just shut the doors when we’re ready”
How about exploring options available to you so you don’t have to do that?
We will be organising Free Educational Seminars around What is Succession Planning and Why is it important to think about – if you are interested in attending any of these please email us
Who are they aimed at? Business Owners who will be at some point will be looking at their options of how to exit the business.
Why are we doing them? To make business owners aware of the options that are out there when they are thinking of ‘life after their business’. They have spent years building the business up, we can help them get the most out of their life’s work. We will discuss what are the key things to consider when looking at SP
What will they get out of the event? An overview of options to choose the right exit strategy for you.