The first step in creating a succession plan is to understand business structure. This includes the critical roles of people and organisations in the business as well as who has control and what will need to change.

Understanding includes understanding the end game, what are the personal and business goals.

We identify and try to mitigate risk in the succession planning process. Unprepared successors, financial incapacity, bankruptcy or divorce can each be a hazard for successful succession planning.

A good succession planning strategy minimises or identifies tax issues and ensures legal obligations or implications are met. Succession plans need clear goals and processes to ensure the plan is fulfilled. Deadlines should be closely monitored on an ongoing basis.

When a trigger event occurs, the strategy is implemented then transitioning the business or assets to the successor(s) begins. Peace of mind succession planning is a non-negotiable.