The day-to-day running of a company is often the focus of many business owners, but they also need to have a plan for the future.
At some point, every director or partner has to transfer their business to a successor, which is why it is important to have a clear succession plan in place.
Succession planning can identify and develop a business’s future leadership team. It must consider how a business will replace key people and who may one day own and run the business.
However, it must also look at emergencies, such as the death or long-term illness of a director or partner, and how a business can remain resilient in the event of something serious occurring.
Even businesses with a young leadership team in place should have a structured succession plan prepared so that responsibilities within a business can be assigned efficiently, talent developed, and tax liabilities reduced when the time comes.
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