Ready For Succession

Congratulations! You have now moved through the entire Succession Planning Process and are ready to implement the succession plan.

 

When you choose to succeed from the business, either by Changing Leadership or Exiting from Ownership, is now up to you, as is determining what you will do with all your free time and (hopefully!) money once succession is complete.

 

As we have reiterated throughout this Knowledge Base, all areas of the succession plan will need revisiting during, and in the lead up to, implementation. This way, implementation of a plan that fulfils desired outcomes will be better assured. By revisiting the succession plan frequently, checks can be made to ensure that unforeseen situations or risks haven’t arisen which could detrimentally impact upon the implementation of the plan.

 

We hope this Succession Planning Process and Knowledge Base has been of assistance in raising awareness as to what needs to be considered to ensure an effective succession plan.

 

Should there be any queries or if further assistance on succession planning is required, we suggest that you contact your business adviser who should be able to help. Alternatively, the advisers listed in the Advisor Directory have registered their businesses as being able to assist with succession planning queries. Please note that neither Ernst & Young, nor AusIndustry, provide any endorsement for the use of these advisers. They have self-registered as being able to assist in succession planning, and as such, care should be taken to ensure that the adviser chosen is the most suitable one to assist you and your business.

 

This now concludes the Ernst & Young/AusIndustry Building Entrepreneurship in Small Business, Succession Planning Knowledge Base. On behalf of Ernst & Young and AusIndustry, we wish all small business owners the best of luck with their succession planning!

 

© Perth, August 2007