Exchange Accountancy

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Succession Planning

What is Succession Planning?

Succession planning is the process of identifying the critical positions within your organisation and developing action plans for individuals to assume those positions.

Succession planning enables a smooth passage in the business from one set of owners to the next either from family member to family member or from one owner to another, without having any affect on the clients or customers that you work with.

Why do I need to consider succession planning?

The purpose of succession planning is to make sure a company always has the right leaders in place should a change happen quickly. By failing to create an orderly plan for succession, your company may not get a second chance if it doesn’t adapt immediately after a key player leaves the company or passes away.

What Exchange Accountants can do for you:

Succession planning requires a collaboratIVE approach between you and your accountant. We work with many different types of business from Partnerships to Clubs and Charities to Limited Companies.  Once appointed, we will meet with key stakeholders and put a plan in place. The following points are what we consider during the succession planning process.

  • Your view of succession and how the future looks to you – like for like, transition, buying in a percentage share
  • Sensitive situations – i.e., if someone dies unexpectedly, we will assess all eventualities and discuss what actions those left managing things would take in this event. In the event of a death, it is best to have a plan in place, so that additional worries and stresses aren’t experienced by family members and business owners in the midst of the grieving process.
  • Futureproofing at a time when things are good is the best time to plan what will happen in future.
  • Succession planning is a collaborative approach between accountants, solicitors and financial advisors. We have solicitors and financial advisors that we work with regularly that we can introduce you to if needed.
  • Start to finish approach.
  • We will identify the tax and financial implications that you should consider.