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Succession Planning

At some point you may want to withdraw from the active running of your business, pass it on to capable hands, and enjoy the fruits of your labours. A properly prepared succession plan will help ensure a smooth transition and allow you to continue to benefit from your hard-earned efforts for many years to come.

The Succession Process

Succession planning is a process, not an event. The succession planning process involves planning in three key areas:

  • Ownership transition
  • Management transition
  • Personal planning

Issues that are typically explored in the succession process include:

  • Who will take over the business?
  • Within what timeframe will the transition take place?
  • How will the transaction be structured?
  • How will the successor be groomed?
  • What are evolving roles and responsibilities of stakeholders?
  • What would happen to the business in the event of crisis?

Through a series of facilitated sessions, we discuss and examine options for each of the above key planning areas in an open environment designed to collaborate and achieve consensus among key stakeholders on effective solutions. We also work with your tax, legal and financial advisors to create a comprehensive exit plan.

Exploring your Options

Succession planning is the process of exploring your options so you can protect the value of your hard-earned business investment and choose the right exit strategy that makes sense for you, your business and your family. Throughout the planning process, we will help you explore your succession planning options, which may include:

  • Intergenerational transfer
  • Management buy-out/Employee buy-in
  • Sale to third party
  • Other (IPO, REIT, Income Trust, etc.)

Our experience shows that even well-documented succession plans aren't effectively implemented without proper communication among all stakeholders. Whether you are considering transferring the business to the next generation, having key management buy the business or positioning the business for sale to a third party, we facilitate family meetings to discuss the implications of each option so you can make an informed decision about what makes sense for you and your family.

Whether you want to keep the business in the family or harvest the proceeds and move on, succession is a process that requires thought, planning and time to arrange and implement effectively.

For more information about succession planning, refer to our Resource section.