Finance Matters ; Lewis Banfield, Partner at Francis Clark, Advises On Succession Planning

Summary

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FOR many business owners the thought of who will take over from them when they retire or slow down is something that usually crosses their minds at the last minute - if at all. A recent survey revealed that 60 per cent of business owners agreed that succession planning is important, but more than half of these family firms had no succession plan in place.

The first rule of the game is this: even if you think you have years to go before you will have to consider succession planning, it is best to start thinking about it now.

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Finance Matters ; Lewis Banfield, Partner at Francis Clark, Advises On Succession Planning

There are two strategies - long term, regarding who will take over from you before you retire, and the "stepping in front of a bus" strategy, which will cover the ...

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