What is Succession Planning?
- What do you as a business owner need to do in order to “ready” your business for sale?
- A good business needs to have a systemised and documented set of process and procedure.
- If the business is highly reliant on the business owner, this needs to be addressed.
- Are there key performance indicators in place that the business owner can demonstrate the success of the business to a potential buyer?
- Do you have a written business plan?
- Who will buy your business? A competitor? A staff member? An investor?
- How will a buyer fund the purchase of your business? Are you as the seller able to fund the purchase? Under what terms?
- 1. What business am I in?
- 2. Who are my customers?