"Your success is our business"
"The pathway to your future"
WHAT IS SUCCESSION PLANNING ADVICE?
Succession planning can generally be described as the transition of ownership of a business entity to the next owner/operator. This ownership can be an external party or within a family group.
In many cases it is passing on a family business to a younger family member, who has been involved in the business for a period of time, while parents may wish to retire or take a lesser role in the business. This can be a farm or any type of business and can be tricky when other family members not involved in the business are to be considered.
Succession planning can take a lot of thinking time on what is fair both to older and younger members alike. It needs a fair consideration of what is being transferred and what is expected, and so really is part of an overall plan for the business future.
Succession plans can be completed in many ways, and varied, and require lots of communication by the parties involved.
Sheridan Partners have been involved in a number of such cases and are well versed in handling the world of succession planning.
