Succession Plus puts own succession plan into practice
Australasia’s largest business succession and exit planning advisory firm, Succession Plus has appointed a new CEO, unifying the UK and Australasian divisions and transforming it into a global business while raising awareness with business owners of the importance of preparing for exit.
Former CEO of Succession Plus UK, Darryl Bates-Brownsword will take the helm, drawing on more than 30-years’ experience in business coaching, business strategy and succession planning as Managing Director of the UK division of an international coaching firm.
Commenting on his appointment, Bates-Brownsword said he was energised at the opportunity to work across both markets and to oversee scale and synergy benefits while also sharing international expertise and insights with SME’s across the globe.
“I am very excited to be taking on this role as it represents an important growth phase in the business and the opportunity to work with more business owners so they can maximise the value of their asset. He added: “If you want to get the most from your life’s work and exit on your terms, then you need to prepare for exit and make your business attractive for a buyer.”
Bates-Brownsword founded Succession Plus in the UK in 2019, working with mid-market business owners to prepare their businesses so they can lead the exit process and not be on the backfoot.
“Unfortunately, there is a universal pattern of behaviour where often these businesses are growing for growths sake without any plan, so when they want to exit or retire, what should be a smooth-transition and a pinnacle in their career, ends up being a messy divorce,” he said.
Succession Plus founder Craig West will move to an Executive Chairman role and spend more time working on Capitaliz, a digital tool designed to help advisers deliver succession and exit planning at scale and to service the baby-boomer generation seeking to unlock value in their businesses prior to retirement.
“We often tell our clients that one of the worst things for an SME is for the founder to hang on for too long, increase the key person/owner dependency and therefore reduce the value of the business for a buyer or investor,” said West. “We are practising what we preach.”
Capitaliz was launched in September 2021 following a small 2020 capital raise by Succession Plus. The launch of Capitaliz converted the 21-step business succession and exit planning process and Business Insights Report, into a real time online platform for advisers to unlisted mid-market businesses. Capitaliz is used to complete Succession Plus’s Business Insights Reports, soon to be launched in the North America.
Used in Australia with clients for over 8 months and now distributing to the US and launching in North America, Capitaliz has already achieved rapid commercial success, signing a major 12-month project representing more than US$1.4 million in revenue and accrediting 12 North American based advisers.
“Formerly from Australia, I have known Darryl for more than 20-years, three of those he has been running the UK business and living in Oxford outside of London,” said Craig. “Whilst this is a scary step for any founder – it is the right time and Darryl is the right person to lead the business going forward.”
About Succession Plus
Succession Plus is Australasia’s largest business succession and exit planning advisory firm. Founded by Craig West, Succession Plus is a boutique consulting and advisory firm for SME owners and mid-market businesses operating across Australia, the UK and New Zealand. The business combines our deep expertise in strategic business succession and exit planning along with 10 years of experience in value maximisation, sale of business and Employee Share Ownership Plans. We have developed a suite of tools and resources to help business owners maximise the value contained within their businesses and achieve a successful exit.