In ensuring the long term success of your business, it is critical to establish well-designed management and succession plans.
Whether you are trading as a director/single shareholder company or as a multiple business owner, management structure is critical to the continuity of the business operation. What happens if you are taken ill, or need/want to take an extended leave of absence? Will your business survive?
- How is your business managed?
- Who makes decisions?
While these questions may be clear in a simple structure, boundaries can become blurred when you have more than one business owner, or a multi-tiered management structure. Clear guidelines and contingencies need to be documented to ease frustration and allow the business to continue with little intervention.
Succession is the long term goal of all business owners. Some have key personnel or co-business owners which they would like to step up to the mark, and other more family oriented business, would like their siblings or other relatives to take on the management roll. In either of these situations, it is important that clear guidelines are set early so that all interested parties have some clarity with their future.
Too often, we have seen businesses cease functioning without a successor being appointed. Ensuring coordination of the transition of your business to your successors can be an arduous process. However, with our years of experience we can address the complex issues of business continuation, taking the stress off your shoulders.