Well, in the words of Stephen Covey (7 habits of highly effective people) , begin with the end in mind:
- Get it clear in your mind exactly what retirement means to you. For example do you want to exit the business completely or are you looking to reduce your involvement.
- Decide your time frame.
- Determine if you have enough financial resources at your disposal to be financially independent.
- Then focus on the information determined in the first three steps in order to build a robust plan and make it happen.
The succession plan themes I will focus on
So, the next articles I write will be focusing on the following items and themes and they will be full of really useful tools, insights and information:
- How much do you need to be financially independent? What’s your value gap and how do you calculate that quickly?
- What's your business actually worth and how can you increase its value in the mean time?
- What are the major business risks and how do they impact the value of your business? Also, how do you manage these issues?
- What are the exit options available to you and what option is the best for you?
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Too often, I see the disasters in my job when people don't plan for succession.
That’s because failing to plan is planning to fail.
Subscribe to my blog to get the weekly updates direct to your inbox and if you would like to have an chat about what succession planning might mean for you, give me a call or email me at Neville.Hughes@gtcfin.com.au