Succession Planning
Overview
Creating your exit strategy.
For private, owner-managed, or family-owned businesses, a solid succession plan can drive the growth of the business and set the stage for retirement.
The operational demands of running a business can be all-consuming, but it’s vital that business leaders take the time needed to assess their organisations business risk and succession planning. It is after all usually their biggest asset.
A viable succession planning process may not only be critical to business continuity but has become an important part of business interruption preparation.
When you engage in succession planning, you’re not just focusing on the future, because it’s impossible to plan for the future without a deep understanding of the present. Leaders have to know the current reality of their businesses — how they operate, where the value lies, what their needs are, who their most vital customers are and why — in order to prepare for new leadership and new structures that can provide continuity in the ways that matter.
- What is your exit/succession plan?
- What time frames are you looking at?
- What is the value today?
- What value are you looking for?
Working without a succession plan can invite disruption, uncertainty, and conflict, and endangers future competitiveness. For companies that are family-owned or controlled, the issue of succession may also introduce emotional or personal issues and may widen the circle of stakeholders to include non-employee family members.
Advice areas
Our advisers
Your adviser will work with you to understand your current situation and appetite for risk. All of the advice given will be tailored to you, your circumstances and your objectives.
You will be supported throughout your financial planning journey from setting long-term financial goals and working towards targeted growth, right through to retirement and taking income.
Our advice process
1. Establish
At the outset we will define the relationship we will have with you on your client journey. This will clearly explain our services and costs, and our respective responsibilities.
2. Identify
During our initial meeting, we will collect relevant information about you, so that we can clarify your personal and financial goals. We will also identify your attitude towards investment risk and determine which Pareto service is best suited to your needs.
3. Analyse
Our team of experts will conduct an in depth review of your current circumstances, including any existing plans.
4. Develop
We will provide a report to outline your financial plan, and make specific recommendations to address your personal and financial goals.
5. Implement
We will meet to present our report and discuss your financial plan. With your agreement the recommendations will then be implemented.
6. Monitor
If you put us in charge of reviewing your financial plan, we will report to you at least annually. This review will cover any recommendations required to develop your financial plan further.
