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Have you planned for your business succession?

The succession process consists of two major components: transfer of the decision-making power (management) and transfer of ownership (control) of the business. The challenge of intergenerational business transfers can be explained by a combination of factors, including the lack of a formal succession plan, the founder’s reticence, planning too late and the lack of clear communication. The decisions to be made are often difficult and complex, including human, financial, tax and legal aspects. A succession plan should be prepared well in advance. This is a structured step which includes several phases spread over a three to five-year period and which is often incompatible with the personality of an entrepreneur who is first and foremost an “operator”. He is focussed on day-to-day problems and has neither the time nor the desire to plan his succession.

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