Sunday, 22 July 2018

Information and commentary for the small business banking industry

Getting your small business customers ready for succession

14 Aug

As with anything else in business, a successful exit is down to planning and preparation. That’s why it’s important for your small business customers to have their exit strategy planned well in advance. Whether they’re planning to sell the business, hand it over to family or employees or close down voluntarily, the sooner the plans are put in place, the smoother the transition will be.

It’s important to always have the business in good shape to sell. A business owner never knows when an unexpected offer might pop up, or they might have to step down suddenly for health reasons. If they have good systems and processes in place and everything is documented, with an outline of how they do business ready to look over, they can be sure their business will move forward even if they’re not.

If they’re planning to hand over to family or an employee, it’s important that their successor is properly groomed to take over the role. Not only will the handover go more smoothly, but the business owner can be sure they’re leaving their legacy in good hands.

This is a useful article to share with your small business customers about succession.

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