PRACTICE SUCCESSION
Transitioning to your post practice life with success.
Successful succession planning is one of the most under-rated, yet important, processes often overlooked by business owners and professionals alike. A plan essentially enables practitioners to map out their business, personal, financial, legal and tax affairs involved in living their daily lives including the transition out of their firm. It also includes contingencies for illness, burnout, divorce or death. Whilst such planning can be confronting and difficult to start, it takes just one step forward.
A well structured succession strategy incorporates three parts:
- maximising the value of your firm
- ensuring your personal and financial preparedness
- developing your life plan
We work with practitioners to develop a comprehensive succession plan based on four stages:
- discovery / data collection
- prepare and perform the valuation and analysis
- recommendations and decisions
- implementation
Commencing succession planning will provide confidence and certainty around the value of your firm, clarity of your business and personal goals, choice and longevity of the practice and control over your transition to post practice life.
