How do I develop a succession plan?

Nobody likes to think about it, but it’s inevitable that one day you'll leave your business. Whether you decide to sell up, retire or have to get out of business due to health reasons, it’s important that you plan for that day. A succession, or exit, plan outlines who'll take over your business when you leave.

A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs.

Make sure your succession plan is attainable - set a realistic timetable and measurable milestones along the way and stick to them.