What is succession planning?

Posted by James Price | JPAbusiness on 28-Nov-2018 02:00:00

Many people think of succession planning as an old person’s problem – something you do once you decide to exit your business. This is far from the truth, although it's not surprising the misconception exists. 

In planning this blog I conducted a quick Google search of the question 'what is succession planning?' to test the common perceptions. The first result (from an Australian government website!) provided the following answer: "succession, or exit plan outlines the things you will do when you sell, close or transfer ownership of your business."

I beg to differ. Succession planning should not be something you do when it's time to exit: it is a young person’s pathway to building a valuable business.

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Topics: Succession planning, business advice, small business, running a business, business ownership, business management, staff management

Should I buy or start a business? [infographic]

Posted by James Price | JPAbusiness on 26-Sep-2018 02:00:00

Many people feel they should ‘aspire to something more’ than being an employee i.e. owning their own business. As I've often said, business ownership is only the right environment for some people, and for many of those it is only the right environment at the right time.

In our eBook, Pros and cons of owning your own business, I told my own story of what it was like to start my business 17 years ago. Despite being highly motivated to create something of my own, and very confident that I 'knew my stuff', it was still very challenging, particularly in the first year.

Do you have the right personal qualities?

There are many factors that contribute to a person’s success in business, but the following four personality types – or personal attributes – often seem to manifest themselves in successful business owners:

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Topics: business advice, Buying a business, running a business, infographic

5 fundamentals of running a business [infographic]

Posted by James Price | JPAbusiness on 15-Aug-2018 02:00:00

There are 5 key business fundamentals a business owner or senior manager needs to grasp in order to run a business for optimum performance.

The following information is a distillation of the things many of our best clients do on any given day of the week, presented here as a simple infographic.

These fundamentals are not necessarily sequential, instead they often overlap and run in parallel, and also inform and interact.

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Topics: business advice, running a business, Business Value, infographic

What if I don't want a succession plan?

Posted by James Price | JPAbusiness on 06-Jun-2018 02:00:00

When you think about succession planning and creating a ‘back-up’ for your business, you first need to ask: is it relevant for me?

Some businesses are reliant on the owner almost exclusively and the owner decides that’s how they want it. They are taking the risk, so they prefer to drive, manage and control the business themselves.

There is nothing wrong with that; business succession is not something that needs to be forced on everyone.

However, there are consequences.

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Topics: business advice, Business advisor, Succession planning, running a business, business management

 
Disclaimer: The information contained in this blog is general in nature and should not be taken as personal, professional advice. Readers should make their own inquiries and obtain independent, professional advice before making any decisions, taking any action or relying on any information in this blog. 
 
 

 

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