Grant Thornton Limited has been offering practical and strategic advice to the local business community for over 30 years, and we work closely with our clients to understand the specific issues that they face, as is evident in the many long standing client relationships that we have developed.
We provide a range of services in the Channel Islands and these include, accounting services, audit & assurance, corporate recovery and liquidation services, out sourced accounting and payroll services, private client services, business services and tax services
One of the elements of our business services is Succession Planning and below introduces the outline of our 6 point plan for successful succession planning.
Succession Planning
Grant Thornton Limited has been offering practical and strategic advice to the local business community for over 30 years, and we work closely with our clients to understand the specific issues that they face, as is evident in the many long standing client relationships that we have developed.
We provide a range of services in the Channel Islands and these include, accounting services, audit & assurance, corporate recovery and liquidation services, out sourced accounting and payroll services, private client services, business services and tax services
One of the elements of our business services is Succession Planning and below introduces the outline of our 6 point plan for successful succession planning.
HOW TO SUCCEED AT SUCCESSION?
Succession planning can be simply defined as the process of transferring the control and ownership of a business, but developing and executing a succession plan is not nearly so simple. As the owner of or investor in a privately held business, you need to answer some hard questions.
Ask yourself:
• How long do you want to stay in the business?
• How sustainable is the business model going forward?
• Have you identified managers capable of growing the business into the future?
• How will these decisions affect key employees?
• If you run a family business, you also need to consider emotionally challenging issues that may call the skills of your family members into question or require you to creatively structure your succession to be fair to all your children, understanding that fair and equal are not the same thing.
Grant Thornton are experts in the preparation of succession plans and helping to address many of the issues arising – such as helping to value and sell the business; assessing the right structure going forward; and dealing with the psychological factors that arise if the business is passed on to family members. Talk to us if you are considering the future plans for your business.
As part of adopting a structured approach, your advisers work with you to address each step of the succession planning process .
