A Succession Plan gives you control, choices & time to put management plans in running your business.

Many owners choose to keep the business in the family when they leave, if so, you will need to consider the legal obligations as well as the impact on family relationships. You will need time to allow new roles & responsibilities to take effect, which in turn will allow you to let go and move to other interests or retirement. 

Exit Planning is all about maximising & preserving the value of your business with growth & opportunities to maximise maintainable profit so that your objective in transforming ownership & business value is possible.

 

In practice, Succession Planning & Exit Planning are different concepts but can work together to achieve your overall exit strategy.