How to build value by starting succession planning early [cheat sheet]

Posted by James Price | JPAbusiness on 12-Feb-2020 02:00:00

top view of 8 people sitting around a table at a business meeting

The following cheat sheet contains 6 succession strategies you can start employing in your business 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.

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

If you future-proof your business in this way, the business should thrive even if you’re not there, and the market should reward you.

How to make succession part of your business model

How to use our Business Succession Scorecard

We have also created the Business Succession Scorecard so you can rate your business’ preparedness for succession based on several key parameters:

  • Leadership
  • Decision making
  • Operations
  • Culture
  • Communication
  • Forced exit
  • Business transition.

The final items in the scorecard – Forced Exit and Business Transition – are really the acid tests for determining whether your business is sustainable and has value i.e. will it survive without me, and let’s see what the market thinks!

 

Business Succession Scorecard | JPAbusiness

 

When should I start succession planning? (Hint: not when you're old)

Many people think of succession planning as an old person’s problem – something you do once you decide to exit your business. 

Not true. Succession planning is a young person’s pathway to building a valuable and sustainable business by building the skills and depth of their team.

If you would like support to develop a succession plan for your business, contact the team at JPAbusiness on 02 6360 0360 (Orange) or 02 9893 1803 (Parramatta) for a confidential, obligation-free discussion.

 

Succession Planning eBook | JPAbusiness

 


James Price 2018 smallJames 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.

 

Topics: infographic, cheat sheet, Template, Succession planning, staff management, business advice, business management, business ownership, business valuer, running a business, small business

 
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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