The first steps we will look at are the Value of the company and the goals and objectives you want to set for the future.

1. Establishing the value of your company

Before you even begin planning for succession, it’s imperative to ensure that the business is sustainable into the future. This goes beyond cleaning up your balance sheet or strengthening your internal controls. In today’s volatile economic climate, businesses must have a clearly articulated plan for long-term growth. This is particularly true for privately held businesses contemplating the viability of creating an organisation capable of surviving over time. These issues all play a role in helping to determine the value of the company.

2. Establishing your goals and objectives

When setting goals, it’s important to consider not only your staff’s (and/or family’s) needs, but also your personal objectives for wealth preservation and optimisation. Working with unbiased external advisers can be especially important at this juncture given the highly emotional challenges that often arise, particularly among first generation owners.