Introduction

When you’ve worked hard to build and run your business, letting go and handing over the reins to the next person can often be an emotional and daunting prospect. However, for some business owners it’s the culmination of a lifetime of work and the time they can finally plan their exit, succession and retirement.

Planning early is most definitely of the essence when you are looking to exit your business. It’s vital to plan ahead and be aware of the challenges it brings, whilst creating a business and culture that ensures everyone involved is prepared.

Whether you are looking to sell to a third party, undergo a management buy-out or pass the business to family members, there will come a point when you need to or want to step back from the day to day of running the business. Whether it’s planned or unplanned, the transition needs to be handled carefully to make it smooth for yourself, employees, suppliers, and customers.

Succession planning should be seen as a way of creating a platform for the next phase of growth and putting the things in place for the future success of the business.

Our guide provides some helpful information on the benefits and risks associated with the variety of exit options. Its aim is to prepare you to work with professional advisors to achieve a successful business succession.