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Succession planning allows you to recruit and retain quality employees and develop their knowledge, skills and abilities. It also helps you prepare them for more challenging roles, and improve company performance even after your current leaders are long gone. And if you're thinking of moving on from your business, you'll need to choose the most appropriate option for you and your staff.
If you’re thinking about a succession plan, consider what your organisation’s needs will be in the future. Think about future job roles that may not exist yet:
The good news is that pulling a succession plan together doesn’t have to be a major time commitment. Check out Investors in People's 10 tips. And you can:
You’ve worked hard and now you’re ready for the next chapter. Give yourself plenty of time to think through your options. This will help you secure the future for your business and employees. Access a free one-to-one review with one of Scottish Enterprise’s experts. You can check out a series of videos that outline possible choices. Below are some brief tips from Scottish Enterprise. To read more, visit their website or talk to one of their advisers.
Flotation is best thought of as the beginning of a journey for a company with a very bright future - rather than as a happy ending for a successful entrepreneur.
The EBO shouldn’t be overlooked as it rewards employees for their contribution to the business over the years. It fosters stronger employee motivation and productivity often improves.
Separating the various interests and teasing out the true objectives of each party is best done by an independent person – someone who is not emotionally involved.
Selling a business to another shareholder is not a common option but when it happens it’s likely to be quick, ease and cheap. However, check the company’s Articles to see if it’s possible.
Finding enough money to buy out the owner is often the problem – but payment can be deferred, the buying team can arrange funding or bring in a new member.
A trade sale can create uncertainty among employees, customers and suppliers, so vendors invariably benefit from having an experience adviser by their side.
A buyout can only be done if the company has sufficient funds to make the purchase and a vendor is advised to get clearance from HMRC in advance to ensure the proceeds will be treated as capital income.
Need help? Call our employer helpline on 0800 783 6000 and an Employer Engagement Adviser will be in touch.
If you want free resources and more information about succession planning then visit Investors in People for more guidance.
Or get free advice from Scottish Enterprise.