This resource has been collated from the Institute of Directors panel event on succession planning, hosted by Duncan Cotterill. Our panellists have provided guidance for directors assisting owners, managers and shareholders with succession planning in small and medium size businesses.
Why is succession planning important?
Research indicates that up to 40% of business owners will be looking to retire in the next 5-10 years. A large number of SMEs don't survive into a second or third generation but businesses that plan for the future have a higher survival rate. This highlights the importance of doing quality long-term succession planning well in advance of retirement or exit of current owners.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.