The pandemic has created uncertainty in all aspects of our lives and more and more we are seeing clients wanting to ensure their business and personal affairs are in good order, writes Tara Mellett, director, Haines Watts, Slough.
The way we work has changed dramatically over the past year, we do not yet know what the new normal will be on a medium to long term basis but we do know that the way we work has to be robust and agile. Our leadership styles have been tested and the sustainability of businesses has never been under more of a spotlight. This has led to many business owners looking to their exit strategy. Some long standing plans may no longer make sense in a post-Covid world. Some owners are reassessing how they feel about their business; for some the passion and fun has been lost and this may be motivating a rethink on their exit strategy and timing.
Succession planning is something that will be unique to each business owner. There is no ‘one size fits all’ approach but early planning is essential. In our experience building enterprise value (EV) ahead of exit is anywhere from a three to five year process.
Below are some of the key areas you should focus on in your planning:
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