Whereas once businesses were passed down through generations now many owner managed businesses need to think about a viable succession plan to ensure the continuity of the business they started.
There are a number of key components to succession planning that Warrener Stewart can advise you on to help alleviate many of the problems associated with succession or the transfer of ownership of your business.
Value the assets
One of the starting points is to value the current business – an experienced Principal from Warrener Stewart will spend time calculating what your business is worth. As well as an economic value we also will take into consideration your business reputation by comparing your business against direct competitors, considering your assets and even your brand value.
Creating Equity based incentives
Ideally as you have been developing the business you will have identified existing employees who might want to be promoted to a more managerial role. Certainly nurturing talent from within makes sense and should be a long term HR strategy for your business.
Introducing equity based incentives can help to retain key people and encourage them to take on more responsibility. We have a wealth of experience in developing and introducing Enterprise Management Incentives for companies to reward staff where there has just been one employee up to staff of 100 or more.
