Evaluate Your Position

The start of the Succession Planning process requires the business owner to evaluate their position. This evaluation should be comprehensive, and enable the owner to determine exactly how prepared they are for succession at the present time, prior to undertaking the succession planning process in depth.

 

To evaluate their position, the owner can either perform a self-assessment, or have an adviser assist with determining the current level of preparedness for succession.  

 

If neither visiting an adviser nor performing a self-assessment is a realistic option, we have also prepared a Self-Assessment tool to assist in evaluating the owner’s current level of preparedness for succession.

 

The tool can be found at the SBSP home page then by clicking the ‘Assessment Tool’ link. The tool will take between 25 and 30 minutes to complete and will take the owner through the succession planning process (as it stands in the process diagram) and highlight at the end any areas where there may be weaknesses in their succession planning, along with providing general feedback on the consequences of not addressing those areas.

 

Please note this tool is not a substitute for professional advice. All feedback provided after completing this tool should be taken as guidance only, and an adviser should be consulted to determine exactly what is relevant given all of the circumstances.

 

Once the owner has evaluated their current position regarding the level of preparedness towards succession planning for the business, they will be ready to begin the core stages of the succession planning process, starting with Setting Your Goals.