In this video James explains how business value can be eroded when the majority of knowledge and expertise is held by one key individual.
Succession planning is the key to ensuring this doesn't happen in your business.
A good succession strategy means the business should thrive even if you're not there, and the market should reward you when you exit.
You can download our free Business Succession Scorecard to rate your business' preparedness for sale or succession.
If you would like assistance with succession planning for your business, contact the business advisory team at JPAbusiness on 02 6360 0360 for a confidential, initial discussion.
James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.