Succession Planning – not just an exit plan!

By Chris Bates (Managing Director)

Whilst most business owners acknowledge that succession planning for their business is critical, when we ask them to define what it is and how they might do it, very few can give a clear answer or process.

Of more than 500 hundred small-to-medium sized businesses that we have conducted initial interviews with over the last 7 years, less than 30% said they had a business succession plan in place – and the majority related succession to a sale or exit strategy.