All business owners who have built a successful business are justifiably proud of what they have achieved. As someone who has poured their heart and soul into the business, you want to see it grow and succeed after you have left. Succession planning is undoubtedly the best way to do that: it helps you find the best people to look after your legacy and empowers you to make decisions about the business’ future. It also allows you to plan your gradually reduced engagement in the business.
We take a specialised approach to our succession planning services. Our approach is fully attuned to the emotional consequences of this transition and is designed to honour the commitment that you have made over the years to developing your business. Ultimately, it ensures that your business is sustained and can flourish into the next generation of ownership and management.
Most succession planners play in the space of economics only in other words the arithmetic elements, handling the necessary calculations surrounding value, tax consequences and funding all of which are important. But this approach fails to take into account the whole picture, like seeing a photograph without knowing the story behind it. The cookie-cutter approach to succession planning or the pure-arithmetic approach is a refusal to acknowledge the uniqueness of your business and is a denial of its full value.
At Seaview, we take the time to understand not only your financial goals but your emotional and personal goals as well. At Seaview, we start the process with an informal discussion over coffee. In this process, we establish your goals, needs, and concerns that, after all, are the drivers of this succession strategy.
Business owners know their enterprises intimately. They are so deeply entrenched in the business, that they often have a very internal focus.This internal focus is by no means a bad thing, but it can be a limitation to succession planning if an external advisor is not engaged. When considering the future of your business,it is helpful to speak to someone who can provide a holistic or “helicopter” view that places your business in a broader context. This point of view connects business owners with a range of ideas: often the path you had considered taking all along is not the best one to achieve your desired outcomes. Using a trusted, external advisor brings great clarity to the succession journey and provides certainty in a potentially turbulent time.
Seaview Consulting are experts in succession planning for small to medium businesses. We have worked with many business owners in diverse fields to achieve their objectives and ensure an effective succession plan. We not only prepare you a blueprint for succession, we work with you at every stage of the process to ensure it is executed to above and beyond your expectations.