Succession planning is an essential part of any good long-term business strategy. Managing all the aspects of the practice and understanding all your options can be difficult. With CEO Finance, you can get dedicated, personalised succession planning advice to help you secure the future of your business. Succession planning comes with many benefits:

• Increased employee satisfaction in anticipation of advancement

• Managing unexpected events that affect the leadership structure

• Maintain business continuity in terms of values and direction

A good succession plan relies on the best advice available to navigate the complexities of your options. As a financial planner based in Bromley, I can help clients throughout the surrounding areas to understand the options that best suit their needs.

What is Succession Planning?

Succession planning refers to a wide range of business strategies for passing leadership roles on within a company. Inevitably, even those in higher positions will leave the company from time to time, whether transitioning to new opportunities or in the more unexpected cases of illness or passing away. By putting a succession plan in place, you can ensure that the business continues to run smoothly after the transition.

What Succession Planning Involves

Succession planning will naturally look very different depending on the nature of your business. Whether you are a small company with a handful of employees or a much larger operation, succession planning is equally important. In any case, it will involve a multifaceted approach involving some of the following factors:

• Identify critical positions : Firstly, it's crucial that you understand which positions require succession plans. Think about the leadership roles in your company, and what you would do if someone were to leave unexpectedly again, this can occur in more ways than one.

• Advancement Planning : From the process of hiring, it's important to focus on acquiring employees you believe have the skills to take on management responsibilities. Nurture talent with consistent training to ensure you have employees ready to take over the higher positions.

• Life Insurance : One very practical way to plan, especially in business partnerships, is life insurance policies. This is known as a cross-purchase agreement, allowing the living partner to buy the share of the partner who has passed away.

Business succession planning involves both financial considerations and attention to how your employees are trained and recruited. CEO Finance can guide you with a bespoke, tailored solution to your needs.

Get in Touch

It is never too early to consider succession planning. Protecting the future of your business means considering every possible eventuality, and employing a clear strategy to manage it if it occurs. CEO Finance is based in Bromley, and as financial advisors, we can serve customers throughout London get in touch for your initial consultation.

>> Contact Us