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Management Succession

Succession Planning

Management Succession

By , January 13, 2021
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Build a career path for your people and a succession path for yourself.

Adding people to and moving people around within the management team is a natural consequence of business development but can be disruptive. Planning ahead and documenting the planning process, makes the transition more predictable and therefore less disruptive.

Clearly a key factor of transitioning yourself out of the business relies on having strong team members to take over. This may mean bringing on additional staff, but a good succession plan will seek to promote from within where possible, rewarding loyalty and making the most of people who already know your business well.
Planning your succession and documenting said plan encourages a smooth and predictable transition. Find out how you should determine who will run your business after your exit.

What will you get from this webinar?

  • A complete understanding of why composing a succession plan early is necessary
  • Knowledge of the necessary components of an effective succession plan
  • An understanding of how to identify and recruit suitable potential successors
Craig West

Craig West

Executive Chairman | Succession Plus

Craig West is a strategic accountant with over 20 years of experience advising business owners. His background as a CPA in public practice has provided invaluable experience in the key issues of concern to business owners.

In March 2014, Craig was appointed Executive Chairman of the SME Association of Australia, Australia’s largest small business organisation representing over 300,000 business owners.

In October 2014, he was awarded the Exit Planner of the Year at the Exit Planning Institute Annual Conference in Texas, USA, due to his innovative development of an exit planning process to help business owners maximise business value and achieve a successful exit.

Craig’s proprietary structure - a Peak Performance Trust - has won the Australia-wide award for the Employee Share Ownership Plan of the year twice in four years.

In November 2018, Craig launched SME Experts in partnership with Mark Bouris’ Mentored on Podcast One and quickly grew the monthly podcast audience to over 26,500 downloads; in October 2019, he released a new podcast focused on medium-sized businesses - Mid-Market Matters.

In July 2021, Craig joined the NSW Committee for STEP (Society of Trust & Estate Practitioners) – focusing on advising families across generations.

Craig has also launched a SaaS platform, Capitaliz (which captures the 21-step process), to assist other advisers internationally deliver advisory services at scale.

In November 2021, Craig was appointed Executive Chairman of NSW Leaders, a business mentoring group for leading NSW businesses.

In July 2022, Craig West received the award of Doctor of Business Administration for his research thesis titled “Examination of the key factors driving business exit options in Australian Small and Medium Enterprises.”

Craig is passionate about encouraging business owners to think strategically, maximise the value of their business and achieve a successful exit.