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    How to make succession part of your business model [cheat sheet]

    Posted by James Price | JPAbusiness on 11-Jul-2018 02:00:00

    It’s never too early to start thinking about your succession strategy and developing the skills of your team and business capability.

    Succession planning is about creating a sustainable business that will continue to operate successfully into the future, whether you stay in the business or not.

    The following cheat sheet contains 6 succession strategies you can start employing today.

    Continue reading...

    Topics: infographic, Succession planning

    Free template: Succession planning scorecard

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

    As a business owner, it’s never too early to start thinking about your succession strategy and developing the skills of your team and business capability.

    Many people think of succession planning as something old people do once they decide to exit their business. This is far from the truth.

    Succession planning is a young person’s pathway to building a valuable business. It’s about creating a sustainable business that will continue to operate successfully into the future, whether you stay in the business or not.

    Continue reading...

    Topics: Business Value, Selling your business, Advice, Valuations, Succession planning, Business advisor, business management

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

    When your kids don't want to take over the business [video]

    Posted by James Price | JPAbusiness on 21-Feb-2018 02:00:00

    If you assume your children will take over your business and only discover they're not interested when it's time for you to exit, chances are it will hurt more than your feelings.

    As I explain in the video below, this situation is also likely to negatively impact your business value on exit.

    Continue reading...

    Topics: Business Value, Family business, Succession planning, business advice

    [Video] Don't let over-reliance on key personnel erode business value

    Posted by James Price | JPAbusiness on 03-Jan-2018 02:00:00

    In this video James explains how business value can be eroded when the majority of knowledge and expertise is held by one key individual.

    Continue reading...

    Topics: Video, Succession planning, Business valuation, Business advisor

    6 strategies to make succession part of your business model [infographic]

    Posted by James Price | JPAbusiness on 16-Aug-2017 04:31:00

    It’s never too early to start thinking about your succession strategy and developing the skills of your team and business capability.

    Succession planning is about creating a sustainable business that will continue to operate successfully into the future, whether you stay in the business or not.

    The following infographic contains 6 succession strategies you can start employing today. Adopting these strategies will help future proof your business for when and if you decide to take up an exit opportunity, or relinquish operational involvement in your business.

    Continue reading...

    Topics: infographic, Succession planning

    How long should I allow to exit my business? [video]

    Posted by James Price | JPAbusiness on 31-May-2017 05:37:00

    In this video I answer a common question: If I am just starting to think about exiting my business, how much time should I allow to see the process through?

    Using the example of a JPAbusiness client in Sydney who is currently going through a difficult succession process, I explain why talking about succession, getting advice and beginning planning well in advance, will definitely streamline the eventual exit process.

    Continue reading...

    Topics: Advice, Exiting your business, Video, Succession planning

    How do I create a succession plan? [Client case study]

    Posted by James Price | JPAbusiness on 24-May-2017 05:06:00

    People often confuse the practice of business ‘succession planning’ with ‘retirement planning’.

    They are, of course, very different concepts.

    Succession planning is a valuable activity for any business, at any stage, regardless of whether the owner is considering retiring, selling or staying with the business for many years to come.

    Continue reading...

    Topics: Business Value, Selling your business, Valuations, Succession planning

    Free download: Annual Business Plan Template

    Posted by James Price | JPAbusiness on 08-Feb-2017 05:47:00

    Business planning is about making your business as robust as possible, so it can take advantage of opportunities and also successfully withstand inevitable shocks.

    Annual business plans don’t have to be weighty documents, but they do need to contain some key information, with the most important being:

    Continue reading...

    Topics: Free download, Business Planning, Template, Succession planning

    How to be fair when transitioning to the kids [cartoon]

    Posted by James Price | JPAbusiness on 28-Oct-2016 02:04:00

    Business owners face unique challenges when they have multiple children and those children have their own expectations as to how the family business should transfer to the next generation.

    Engaging a business advisor early on can assist to ensure each party feels that the way a business is transferred to the next generation is fair and reasonable for all.

    This process is best started well before parents are looking to retire or children are heavily involved in the business.

    Continue reading...

    Topics: Family business, Exiting your business, Succession planning

     
    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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