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Business Advisory

Creating Your Initial Succession Plan to Maximise Business Value

Posted by: Ewen Fletcher on

A succession plan is about maximising the value of your business to achieve a better outcome when it’s time to exit. Many business owners don’t consider a succession plan until they are ready to sell. However, defining and executing an effective succession plan takes three to five years (minimum). That’s something to keep in mind! Here are the steps to get started:

Clarify Your Business and Personal Goals

Start by establishing what you want the business to deliver to you personally. Then, set business goals to enable you to achieve your personal goals. This planning helps you extract the value required to enjoy the lifestyle you wish to lead upon succession.

Define Your Vision for the Business

Succession planning forces you to clarify and discuss your vision for the business, which is crucial when transferring to new ownership. A clear vision fosters a more effective working culture, aligning and preparing your team for succession.

When your team understands the vision and how their responsibilities contribute to it, they become more engaged. This develops a stable environment receptive to new leadership and ownership.

maximise business value concept

Establish Your Business Support Network

It’s important to take time away from running your business to work on developing it. Engaging your key business advisors provides fresh, impartial perspectives during this potentially emotional time. Independent advice ensures you achieve your desired results with a level head, all intending to maximise business value. Read more about getting the right independent advice here.


Involved in the planning phase, drafting and signing the sale and purchase agreement, and handling post-settlement matters.


Essential for due diligence, valuation, and grooming stages. Our broad business knowledge and expert tax advice can significantly increase your business’s value.


Helps you remain accountable to your leadership role, which greatly influences your succession strategy and outcome. We offer accountability coaching to help groom your business for maximum value by increasing growth and profitability, improving efficiency and capacity, and managing risks.

If you’d like to start your succession planning journey to ensure you maximise business value for when you are ready to sell, contact us.

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