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Article

How do I plan for succession?

Article

How do I plan for succession?

February 23, 2021

1 minute read

A single business owner can limit the value of the business where the knowledge of suppliers, internal procedures and clients sits solely with them. As a consequence, the value of the business may only be worth the liquidated value of the tangible assets.

A single business owner can limit the value of the business where the knowledge of suppliers, internal procedures and
clients sits solely with them.

As a consequence, the value of the business may only be worth the liquidated value of the tangible assets.

Knowledge should be passed on to the successor or, shared with senior management teams to ensure that the business can succeed and realise value on sale.

Whichever the choice of successor, careful planning to manage the succession is required.

Shareholders agreements are useful in this process and can detail how long the shares are to be held by your successor and who
can make any future decisions on the sale of them.

See our other Big Questions here

Author:

Peter O’Connell

Chief Executive Officer

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Author:

Peter O’Connell

Chief Executive Officer

Need expert advice?

Speak to an expert for advice on
+44-1865 292200 or get in touch online to find out how Shaw Gibbs can help you

Email
info@shawgibbs.com

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