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The Importance of Succession Planning

Reasons to choose Wilson Browne

When your business is operating successfully and your financial future looks secure, it can be hard to stop long enough to consider your exit plan.

Whether an exit is years away, just over the horizon or not in your game plan at all, a succession plan is vital to ensuring the continued success of a business, something which Covid-19 has taught a lot of businesses in the last few months.

Succession planning takes time, it is something that needs consideration and should not be rushed. When prepared correctly it can maximise a businesses sale price as well as appeal to a wider market of buyers. A well-crafted succession plan aims to benefit everybody—the departing owners, the business, the employees, and the successor, so it is important to seek early advice on how to get it right.

Selecting a business successor is a fundamental objective of planning an exit strategy, but it requires a careful assessment of what is wanted from the sale of a business. There are many ways to exit a business including, for example, the transfer of ownership to family members, a sale to a third party, a full or partial management buyout or even a solvent liquidation and there is no one-size-fits-all approach.

If you are thinking about selling or exiting from your business, Wilson Browne Solicitors can help you plan the process and maximise the value of your business. We have a reputation for being approachable and pragmatic, and our Corporate & Commercial team are able to provide professional and friendly advice.

For an initial no obligation discussion please contact the Corporate & Commercial team on 0800 088 6004.

Rebecca Bird

Posted:

Rebecca Bird

Paralegal

Rebecca is a Paralegal in our Company & Commercial Team based at our Northampton  office. She assists our senior fee earners in dealing with acquisitions and disposals, mergers and corporate reorganisations, management buy-outs, commercial agreements, shareholder disputes, corporate finance and legal formations. Rebecca is currently studying…