Home: Succession Plan

When I think about succession planning...
I'm confident that I understand my options and have all my bases covered I haven't really thought about it - I'll worry about it closer to the event I have a plan but I'm not sure if it's really the best option
My aspirations for my business are...
going for growth and maximising value getting out in the next couple of years - the industry is changing and it's time to move on holding steady - maintaining value and focusing on efficiency
The wave of industry change we're going through...
does not really worry me, I understand the impacts and we'll cope pretty easily concerns me a bit, we'll need to change some aspects of our advice model but we'll get by frankly it's a worry, I'm not sure how we'll be impacted
If a new fee regime came in across the industry tomorrow...
we'd be ok, we have a clearly articulated client value proposition and we're fee for service anyway we'd be in trouble - a fair chunk of our revenue comes from commissions we'd have some work to do but we’re preparing already so we'll make the transition ok
I think the value of my business in five years time will be...
a bit higher but nothing spectacular, the days of supercharged growth are behind us not sure, about the same or lower than today if the regulators have their way much higher in the next few years - it would take a lot to interrupt our growth
My business succession plan is...
well thought out and well documented - I've written down my goals, identified the type of buyer I want and I know roughly what my business is worth in the back of my mind, but I'm yet to really define what success looks like non-existent - I'll think about it when it's about to happen
When the time comes to exit my business...
the business will really feel it… right now they are dependent on me the impact will be minimal, I have documented procedures and competent staff - they manage fine without me my clients will notice it most - they see me as the business
In considering my succession plans...
I've consulted senior staff along the way and kept them informed and engaged I've mostly kept my succession plans to myself because I don't want to worry my staff or lose clients I haven't spent any time considering my ultimate succession
To me, the time it takes to effectively plan succession for my business is...
quite long, I need to ensure my business is in peak condition, and positioned for growth so I can maximise the sale value quite short, once I decide exactly what I want I'm handing the business over to someone already in the business or family, so it can happen almost overnight
If you were looking to find a buyer what would you do?
contact my dealer group contact a specialist business broker look around for local practices that may be interested or put it on the market myself
The most useful thing ipac could do to help me with my succession plan now is...
sign me up for your e-newsletter with regular succession planning tips call me now to discuss my options and how you might be able to help provide me with your succession plan tool kit