With globalisation and increased utilisation of technologies new and old, uncertainty in markets across the world are increasingly affecting local businesses – no one is immune.
Turbulence is the new norm.
The current trend for the baby boomer, business owning generation hitting retirement age means they are starting to plan the timing of their business succession or exit. Global uncertainty is playing havoc with their plans for the future. With 80% of business owners recognising that their business is their pension, the financial result from the sale of the business is playing an important factor in the planning of many would-be retirees. The levels of uncertainty is both distracting and stressful when so much depends on the timing.
Having a determined and focussed Business Succession Plan is one way of reducing this stress and keeping the business owner focused on what they want to get out of their life’s work. For most it’s about more than just the money – they want to leave a legacy, to look after loyal staff and to have something they can be proud of. Having a plan means engagement with family, staff and alternative opportunities.
A plan means you can fully explore how to add more value prior to exit.
If you want to look after your staff then having a plan to engage them in ‘Ownership Thinking’ can add value, reduce risks AND give them an opportunity to become the new owners, through a well thought out and delivered Management Buy Out.
Quality businesses can absorb the impact of market shock. A quality succession strategy gets to work by identifying the existing value, making sure it is protected and then maximising future value.
