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There has also been an increase in the number of divorces for marriages that have exceeded 20 years or more. This statistic is troublesome as in such instances the assets to be divided are often greater and more complex in nature.
A smart small-business owner is a forward-thinker. He knows that at some point in the future there may come a time when he needs...
Redundancy is rarely a word you want to hear. However, for business owners, it should be considered a word of great positivity. Being redundant in your business means you are free from dependency; in fact, plain free. Think of all the inane tasks we do because we think we are the only one that can do them “properly”. Yet, most tasks can be delegated; it’s just our ego that often gets in the way of being free of them.
Succession Planning for your business is an easy topic to grasp: it’s about putting a plan in place for your business so ultimately, when you sell – be it to family, staff or the market – you will not only maximise your price, but ensure an easy transition process that will increase the marketability to a prospective buyer. Well, that seems like a pretty important document to me, so why do so many of us put off what is akin to an ‘insurance plan’ for our future?
Like the royal successions that have taken place for centuries, succession planning is all about being ready for the future. However, unlike the monarchy, today’s succession planning in business not only focuses on replacing talent, but also on developing the talent that will fulfil the organisation’s long-term goals. Is your organisation prepared for a changing of the guard?