Succession planning is a key issue for many businesses, from the smallest partnership to the biggest family enterprise. Identifying talented in-house individuals can be tricky, and training people up to be the future management team can be difficult. Not everyone is suited to be the business owner of tomorrow - very few individuals want the level of responsibility and commitment that comes with running a business. Recruiting from outside is even more fraught with problems, bringing with it the attendant problems of culture and resistance to change.
Alliotts’ HR team can help you recruit new talent or develop your existing team’s skills. Setting out proper career paths and employment contracts for your potential leaders is important for putting effective succession planning in motion. Our corporate strategy and tax team can help set up reward structures such as share option schemes, bonus schemes, and employee share plans to help lock in and motivate the potential new management team.
If you want to exit your business completely, we can train the management team to take on your roles. We can help them identify their strengths and weaknesses and take action to plug any gaps. We can help them find finance to achieve a Management Buy Out and we can assist them with their strategy to ensure that the business legacy you leave behind is perpetuated into the future.
Your business may be your biggest single personal asset and one of your key achievements in life. Our assistance with your succession planning can ensure that you maximise your rewards from your years of hard work. It means that you will be able to look back and be satisfied that the business you founded or grew has gone on to have future success with the team you selected and nurtured.
To find out more about how our we can help you to plan ahead to maximise the value of your business please contact our business succession specialist Peter Guinn.