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Succession Planning

The process of identifying and developing a plan to transfer ownership and control of a business to a successor

Succession planning typically involves identifying and grooming potential successors, developing a plan to transfer ownership and control, and implementing the plan in a way that ensures the smooth and successful transition of the business.

Because of their strong connection to the business, stakeholders may be emotionally invested in outcomes and can benefit from the third party perspective that Oldhams can provide

How we help

Oldhams can help provide balance and perspective in the following areas.

Continuity of the business:

Business succession planning helps ensure that the business can continue operating smoothly and efficiently after the current owner or leader steps down. This can be especially important for businesses that rely on the expertise, relationships, or reputation of the owner.

Transfer of ownership:

Business succession planning can help facilitate the transfer of ownership from one generation to the next, whether that be to family members, employees, or external parties. This can help ensure that the business is passed on to individuals who are prepared to take on the responsibility of ownership and can continue the legacy of the business.

Maximizing value:

Proper business succession planning can help maximize the value of the business by identifying the most appropriate successor, whether that be through a sale to an external party or by transferring ownership to a trusted employee. This can help ensure that the business is able to continue operating at its full potential and that the owner is able to realize the full value of their investment.

Avoiding disputes:

Business succession planning can help avoid disputes among family members or partners by clearly outlining the process for transferring ownership and establishing the roles and responsibilities of each party involved. This can help prevent misunderstandings or conflicts that could disrupt the smooth operation of the business.

Tax planning:

Whilst we don’t do tax planning, we can put you in touch with other professionals or work closely with your existing tax and accounting advisors. 

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