The importance of succession planning

I attended a talk recently at the DBA by one of the grand fromages of the M&A world called Jim Surguy. He gave an excellent talk about what companies need to do to maximise their value at the exit point.

One of the key points to come out of his talk was the importance of having a succession plan in place. Who are the people who will succeed you and your fellow Directors when the time comes for you to take your hard earned cash and relax on the beach. Even if there is an earn out period they know that your intention is to ease down. Who will take up the slack is the question on the minds of the prospective buyers?

So think about it whilst you are not on the descent path. Who will take over? What skills do they have and what skills do they lack. Are they good as a team or simply as a group of individuals.

If you want to talk to someone about the make up of the succession team call me on 0117 904 7874 to set out the agenda for their progression into filling your shoes.