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7 steps to successful business transition
In all successful businesses the issue of succession from the current owner to the next generation comes up, and one question that often arises is: when is the most appropriate time to begin planning for succession? The start-up phase is obviously too early, but all too often business owners wait until the last minute - when many options are closed before beginning the process.
There are generally seven stages of business succession:
1 ) Survival
Once the business has survived the start-up stage, the founder should begin giving consideration to succession, regardless of his or her age.
2 ) Commitment
The founder must commit to the concept that the business has to continue in order to create opportunity for those to come. This commitment must be communicated extensively and often.
3 ) Recruitment
The organisation cannot survive unless it is staffed with the best people. Recruiting good people will always pay dividends and is a key item in succession planning.
4 ) Development
Investing time in developing your family members and other management team members and allowing them to exercise authority and control is key to a successful transition.
5 ) Selection
Having developed a successful transition plan and recruited the right people, selecting a successor or successors becomes easier. By empowering a broad range of key people, the selection process is simplified and options are enhanced.
6 ) Announcement
Having come this far, it is time for the founder to announce his or her future plans. This gives key management people and family successors a clear path to the future and a definite goal.
7 ) Implementation
In implementing the succession plan, the founder must be ready to step aside and allow his or her successors to take over. The founder needs to be prepared to take on new challenges in retirement knowing that his or her financial future is secure.
- Home
- About us
- Contact us
- Site map
- Search
- News
- Our services
- International services
- Business
- Starting a business
- Employed or self employed?
- Buying a business
- Initial costs of starting in business
- Proving your credentials to investors
- The tax system for the self employed
- Business deductions
- Claiming expenses
- Choosing your accounting date
- Buying a franchise
- The construction industry
- Preparing your business plan
- Essential record keeping
- The national minimum wage and the national living wage
- Working from home
- Insuring your business
- Tax planning for businesses
- Limited companies
- The tax system for companies
- Forming a limited company
- Pros and cons of limited companies
- Buying a company 'off the shelf'
- Tax and the company car
- Company bonus or dividend?
- Tax saving strategies
- Interest and tax payments
- Companies Act 2006
- Companies House - forms you need to know about
- The law and directors' responsibilities
- Statutory records
- The company secretary
- Getting the company struck off
- Running your business
- Partnerships
- Your employees
- Selling your business
- Starting a business
- Personal
- Tax
- Spring Budget 2020
- Tax rates and allowances
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Patent box
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals
- Green travel allowances
- Mileage allowances
- Vehicle benefits
- Vehicle duties
- Pension premiums
- EIS SEIS and VCT
- ISAs
- Stamp and property taxes
- Air passenger duty rates
- Landfill tax
- Charitable giving
- Annual tax on enveloped dwellings
- Diverted profits tax
- Tax credits
- State pension
- VAT
- An introduction to VAT
- Value added tax
- Bad debt relief
- Issuing VAT invoices
- Recovering VAT on staff expenses
- Fuel scale charges
- When to add VAT
- Deregistering from VAT
- Cash accounting scheme
- Flat rate scheme
- Annual accounting scheme
- VAT dos and don’ts
- VAT inspections
- How to survive the enforcement powers
- Group VAT registration
- VAT Mini One Stop Shop (MOSS)
- Reverse charge VAT for construction services
- PAYE and NI
- IR35
- Tax and business calendar
- Budgets and Statements archive
- Calculators
- Career opportunities
- Our clients