Succession planning

Succession Planning

Having in place an effective succession plan will help to ensure that the transfer of your business goes as smoothly as possible and that you minimise the tax liabilities whilst maximising your financial gains.

A good succession plan will ensure that control of the business is transferred per your wishes, while also providing on-going financial security for you and your family, or whoever your successor may be. From investing in the right people to implementing your plans, we can help.

This will start by looking at how your company is currently structured and how we can help you ensure a gentle transition. We will help you identify candidates already in your organisation that could make a good leader, as well as finding candidates that with training and development could become suitable when the time comes.

We take a wider view of your business, ensuring that you have enough strong members of staff in your wider team who can manage and support each other, and other staff, before succession has been completed.

We can suggest employee career development programs and set up mentoring schemes that facilitate leadership development. By shifting the strategy away from looking at a quick recruitment fix from outside your business, we can prepare your team, so that the new leader comes from the ranks of the company and already has an excellent knowledge of your organisation.

However, depending on the size of your business this might not always be the most feasible option. In that case, we can discuss what you are looking for in a new leader and where you could find that person. We can look at existing stakeholders and consultants and will draw up and implement temporary strategies for when no new leader is in place.

Tuchbands have experience of succession planning for small and mid-sized businesses, as well as bigger enterprises. Each business will have different challenges but together we can find the best processes that work for you and your business.

Make sure you also check out our pages on exit planning and retirement strategies which often overlap with succession planning.

Find out more about our fees

Whether you are a start-up or an established company, for professional, friendly accountancy services and advice contact the Tuchbands team on 020 8458 8727 or info@tuchbands.com.