Whether the day you hand over the reins of your business is a long way off or looming large, the more time you take to plan for smooth succession, the better.
In many cases, you may have more options open to you than you first thought.
Succession options that you could consider may include:
- Sale to another shareholder
- Company buy-back
- Ownership transfer within the family
- Employee buyout
- Management buyout
- Trade sale
Perhaps you already have an idea of which model you may like to pursue. Our team of succession experts are available to offer free, impartial advice - helping take you through all of your options to achieve the best outcome for you and your business.
The discussion will take account of your goals, as well as the scale and performance of your business - ultimately providing a basis to progress a succession planning route that's best for you.
Succession adviser Alastair Gibb said "You have worked hard to build up your business, but what about when it comes time to stop? The best course is to explore all the available options in plenty of time in order that plans can be properly drawn up.
"It's especially important to get good professional advice at the right time. Advance planning invariably means owners will be able to meet more of their goals. Thoughtful business succession planning could prevent a lifetime of work being ruined at the final hurdle."
Are you eligible?
Any business in Scotland can take advantage of this free service.
Succession Expert Support provides up to one day of free one-to-one support, fully funded by Scottish Enterprise.
Support is delivered by specialist advisers who have knowledge and experience of the full range of business succession options.
You'll receive a written summary of the discussions, along with any recommendations.
The purpose is to ensure you're aware of all appropriate succession options for you and your business, and to provide you with information on which to base a succession plan.
Once you have submitted your enquiry a specialist will be in touch to discuss your needs. To help inform this discussion they will ask for a copy of your business plan and, if available, the last three years' of your company accounts.
Develop your management team