What is a succession plan - and why do you need one?

As a business owner, the chances are you’re so caught up with the daily demands of running a company that you haven’t had the time and space to think about succession planning. If that’s the case, don’t worry – you’re not alone. According to the STEP 2019 Global Family Business Survey, 70% of family business leaders globally do not have a succession plan.

Nevertheless, it is still a good idea to draw up a succession plan since it will help you to ensure the long-term continuity of your business. It will also help to prevent unnecessary conflict arising at a later date. Succession planning is particularly important right now due to the COVID-19 pandemic, which is creating a lot of uncertainty and prompting many business owners to re-evaluate their personal priorities and adapt their future plans.

So, what do you need to know about succession planning?

In the article below, Simon Stygall, Chartered Financial Planner at Close Brothers Asset Management, outlines some key considerations and suggestions to kick-start the process of drawing up your own succession plan.

https://www.closebrothersam.com/for-employers/news-and-insights/what-is-a-succession-plan/