to to make a plan to be successful, the right players need to be involved. These include a variety of stakeholders both inside and outside the company. , All will play a crucial role in order to ensure a smooth transition
Your Key players:
- family. Whether the company are handed over to a family member, they should be involved as early as possible in the business so well to assume they are maintained. But even if it to not have a plan for a family member, it is still important family included in the decisions, as the company will be a big part of their lives and to influence them.
- administration. Whether management team is made up of a person or a team of ten, your management team are the backbone of your business. They know the processes and systems that they know your team members, they know how to ensure that the company operates efficiently.
- employees. Although your entire team will not need to be involved in the planning, it is important, given the importance of keeping your employees of changes in society, to see how it will affect them, and how to ease the transition.
- banks and financiers. While these players decisions may not apply to your business direction, they have a significant impact on the possible financing needed to run the business and pay for the operation. Banks often offer succession planning advice, including financing options for every family or management planning to purchase from you business. They will also provide with current industry capable and economic information to support the financial decisions.
- Accountants. Your accountant is an integral part of assessing how much your business is worth. They will make you well aware of the possible tax consequences or ways to reduce taxes, if you want to sell your business.
- lawyers. One of the most important roles in the succession planning will be played by your lawyer. You will develop no purchases or sales contracts, prepare will help the authority to set up trusts and offer advice on everything to do with taxes and your company's restructuring.
- Business Brokers. business brokers are like brokers, their task is to find a buyer for you and help you prepare your business for sale. They will help appreciate your business and advice to make it more attractive to search for buyers.
- Facilitators. , you can use a facilitator to guide the process. They will help you to define your goals, discuss the possible hurdles and resource requirements, identifying key risks and offer alternatives. If you keep the business in the family, the Canadian Association of family offer a large number of resources and events.
- you. Perhaps the most important person in this process is that you. You need to give yourself to make available to work on the plan, talking to key players and provide the information they need, together, to set the schedule. If you will not be able not invested in the plan and planning process.
Although this list is not exhaustive of all players and groups that you need succession planning in your own business is, the important thing to remember is to keep the communication channels open and honest with all the players. Keep open communication channels that are involved, so that they understand the process, and why it is important for you and the organization.
For more information about how to create a succession plan and how to put a value on your business, check our succession planning for businesses and what is worth your business? Business Valuation Seminars presented by Paul Savage Pacific Custom Brokers.
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