The Ultimate Succession Strategy Guide: Plan for the Future of Your Business

Discover how to identify potential successors, create a robust timeline for your succession plan with milestones and training opportunities for your chosen successor. Find out how to navigate through complex legal and financial considerations associated with different exit strategies. 

Succession planning is a vital process that every business owner should understand. It is the process of choosing a backup team for your business. Our Succession Strategy Guide provides comprehensive insights into the intricate steps involved in crafting an effective succession plan. In this guide, you will learn how to identify potential successors, create a robust timeline for your succession plan, navigate through complex legal and financial considerations associated with different exit strategies, invest in employee growth and skill-building programs and recognise potential red flags that may arise during the succession planning process. 


Identifying Potential Successors:  

The first step in developing an effective succession plan is to identify potential successors. You can assess internal talent for succession by evaluating their past performance, leadership qualities, and commitment to the company’s future. Of course, you may not have the talent or potential in your business today and that means you’ll have to evaluate external candidates.  Brining in senior people from other businesses will usually be an opportunity to bring in fresh ideas and perspectives.  Remember the skills that got you from start-up to today are not necessarily the same skills you’ll need to take the business from here to wherever you want it to be in the future. 

 Creating a Succession Timeline:  

Once you have identified potential successors, it’s time to create a timeline for the transition process. Establishing clear milestones in the succession plan provides structure and motivates everyone involved. Preparing your chosen successor through comprehensive training and mentorship programs is also crucial to a successful succession plan.  Creating the timeline keeps you to your promise of handing over and makes you accountable for it.  Every business owner has a wobble at this point.  Working through it is key to getting you out of the day to day of the business and focused on your business being worth more because it doesn’t need you. 

 Employee Growth & Skill-Building Strategies:  

Investing in the growth of all your employees is equally important. Engage in developing an employee skill-building program tailored to their needs to equip them with abilities necessary for their present and future roles. Promoting a culture of continuous learning is also crucial in this regard. 


When it’s time for you to step down from your current role, having absolute confidence in the future of your business is crucial. Invest in your business and get it exit ready for a richer, happier future with a saleable business.  

 Succession Strategy Guide key lessons: 

  1. Developing a successful succession strategy takes time and requires careful planning and execution.  
  2. It is important to identify potential successors,  
  3. create a timeline for the transition process,  
  4. prepare your chosen successor with training and mentorship programs, and  
  5. invest in employee growth and skill-building programs.  
  6. Be prepared to step back – and let your team get on with running the business. 

 To get started on developing your own succession strategy, start to plan and take the time to assess your internal talent. Evaluate external candidates, create a clear timeline with established milestones and identify areas for skill building and professional growth within your company. By investing in your employees and taking the necessary steps to ensure a smooth transition of power, you can secure your business’s future and enjoy a successful exit when the time is right. 

 Remember, if you are a business owner working in the day-to-day of your business, it’s never too early to begin succession planning. By being prepared, you can minimise disruption, retain institutional knowledge, and ensure operational efficiency throughout the process. So, take the first step towards securing your business’s future today. Contact us to book a quick call and get started on your succession plan today. 

Are you ready to leave your business (no matter when it happens)? Click here to contact Christine by email alternatively, you can book a call with the Business Mentor of the Year 2020, author and speaker. Who helps business founders get their businesses exit ready so they can enjoy a happier, richer future.  She saves them THOUSANDS and increases the value of their businesses by MILLIONS.