PKF Carr & Stanton, Hastings, New Zealand
01 Aug 2016
As the saying goes, all good things must come to an end, and it is not uncommon to hear business owners and farmers talk about the challenge of moving on from the business that they have built after many years. Succession is a real concern for many business owners and never more so than when family or close friends are involved. Our belief is that all business owners should have a Succession Plan in place. Whether you plan on exiting in three years or 30 years, it’s important now. It’s not just about extracting maximum value from your business to provide for your future. Should an unforeseen event occur, lack of planning will cause unnecessary stress and potentially compromise your sale price, client relationships and the overall reputation of your business. A carefully considered exit strategy reflects the hard work and capital you’ve invested in your business. As trusted business advisers we want to work with you to develop your Succession Plan to demystify this process and ensure that the expectations of all parties are addressed and achieved. Do you feel your business would be unable to cope without you?
Succession Planning is about clarifying what you want for the future and defining the steps required to turn that vision into a reality, while taking into consideration business, personal and family expectations. What is involved? The PKF Carr & Stanton approach is for one of our advisers to get alongside you to typically facilitate a half-day one on one Succession Planning session where you’ll define your goals and objectives with respect to your eventual exit from your business. You’ll be provided with some material and are expected to complete pre-work prior to the session to help identify any burning issues so that we can prepare accordingly. During the session we’ll work with you to create a one-page Succession Plan to guide you through this process. We will help you:
When should I use this service? If you wish to take a more passive role or sell your business within the next three years, then we recommend you start the ongoing Succession Planning process now. The earlier you start the more likely you are to achieve your goals within the time frame you set. The longer the planning phase, the more time you have to groom your business for sale and attract the right successor, or you will be able to work with your family to put in place a clear pathway of transition. Succession is a process, not an event! To find out more about our Succession Planning Service, please call your adviser and make a time for a complimentary discussion around this.
For more information on how our services can help your business get in touch.