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Succession and contingency plans help reduce the disruption to business if a business owner or operator retires, bcomes ill or disabled, or dies. A good succession or contingency plan, created in advance, can actually increase the value of a business.
Succession and contingency plans need to be kept up-to-date. The plans can be used as a guide to manage transition from one owner to another, and assist the new owner or manager in anticipating and managing change. To be useful, a succession or contingency plan should be realistic and workable.
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| Use this template to create a detailed file which can be used by someone else to make financial and legal decisions on your behalf |
Each business succession plan is unique. The plan will vary depending on the owner's objectives, family situation, financial position, health, age and a host of other considerations. Use our succession planning template to develop a plan that suits your business.
It may be your dream to keep your business in the family but you need to consider the commercial implications of making that choice.
Frequently asked questions about succession planning.
