Problem: You have no real idea of what the end game looks like for you.
A My Business reader survey in early 2019 showed less than half the respondents had succession strategies in place while another recent survey suggested that just 19% of SMEs have an exit strategy.
Succession covers two key areas:
- Ensuring the continuity of the business
- Enabling the current shareholders to leave (exit) with a nice little golden handshake for their efforts.
Ensuring the continuum of the business requires role succession and business succession. Role succession is a function of planning, development and training; Business succession is a function of strategy and leadership.
Business exiting however is a function of planning leadership, management, time and money!
An exit strategy developed well in advance of when you need it will not only increase the probability of attracting a successful outcome but will also increase the benefits from that outcome. Sadly, too many business owners do not plan for this, hereby leaving too much to chance.
The complexity of executing on a sound exit strategy – whatever form that may take – is far too great for a brochure like this. Suffice to say that we recognise it as one of the six features of a great business so for us, the ‘end game’ is a very important part of the coaching process. Accordingly it will form part of the discussion!
Looking to develop your exit strategy with a succession plan, please call our Performance Coaching team on 1300 764 200 or email.