A common misconception is that ‘succession’ and ‘retirement are interchangeable’. Whilst retirement is undoubtedly a component of business succession planning, it should not be the focus. Succession planning is more about ensuring a business can continue to operate and prosper regardless of who is at the helm of the organisation or operation. Succession planning isn’t just something that a person approaching retirement age should consider. Anyone who has founded, owned or has a financial stake in a business should consider it a key focus.

In planning the future of your business, you need to think about:

• Identifying the capital value, worth and market price of your business
• Managing the wealth it generates
• Identifying and finalising how it will continue to operate in the future

Cosgriff Lawyers has extensive experience working with businesses of all sizes and structures to ensure an efficient and effective succession plan.