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Succession planning

Succession planning is the process of planning your exit from your business, whether you’re handing the management reins to someone else, or have opted to sell. Either way, moving on can be a stressful, emotional time and calls for a clear strategy.

The better the planning, the smoother the transition and the more likely you are to receive a good price. So, start your succession planning well in advance.

How? We recommend that you begin preparing your business for sale about a year before it goes the market. Ideally, a new owner should be able to take over with very little training. So, ask yourself:

• If you had left your business now, could a new owner easily step into it?
• Are your accounts up to date?
• Are your key systems written down and easy for a new owner to follow, step by step?
• Do you have a written budget?
• Could the prospective buyer determine your cashflow for the coming year?

In today’s business-savvy world, buyers want businesses poised for growth. These are businesses with precise, up-to-date systems and financial processes allowing potential buyers to assess the state of a company and its capacity for growth. So, make sure yours is up to the mark.

We can supply you with advice and help you design a clear exit plan.

Call us today on 09 377 4238 or email patelpike@patelpike.co.nz to find out what we have to offer.