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Begin With The End In Mind

Monday 25 March 2013

Many business owners are so entrenched running their business day to day - they fail to allocate the time and energy to plan for the future.

Strategic succession planning for business' was never heard of 10 years ago - however business owners now understand that succession is a significant aspect to the success of their business. Steven Covey in Begin with the end in mind - says, "If you want to have a successful enterprise, you clearly define what you're trying to accomplish... the extent to which you begin with the end in mind often determines whether or not you are able to create a successful enterprise."

The Importance Of Succession Planning

Monday 4 February 2013

The transfer of ownership and control of a business from one generation to the next is important to get right. While a large number of family business owners recognise the importance of succession, many family businesses do not have a succession plan in place for the future. Given that a significant number of business exits fail through liquidation, bankruptcy, illness, divorce or closing up shop, these questions should not be taken lightly. After all, investing the time to develop a strategic succession plan is one of the most important financial decisions business owners may ever make - without one, the value in the business will retire when you do.