Do you know the importance of succession planning?
When running a business you want to make money to live, but a good business owner will also want that business to be worth something. You maintain and renovate your home to create value, and so you should with your business.
So what does this have to do with succession planning? Well…everything! The entire point of succession planning is setting your business up to run without your help. To make money and create value without you needing to be present 24 hours a day. Wouldn’t it be great to shoot off to Europe or the Greek Islands for a month (and have the money to do so) and know that your business is sound and sufficient enough to continue to prosper while you rest and recharge?
Succession planning is not just about planning for the end, it’s about planning the start, middle and end to run in sync so that you have a clear picture of where your business will be when you need to be succeeded.
How do I succession plan?
Sound interesting? That’s because it is! Here at Morrison Kent, we can tailor a plan for you and your business by working with you, your accountant and any other advisors you use to create a structure that sets your business up for life – however long that might be.