Succession planning is a complex process involving many business disciplines. As the majority of the Baby Boomer generation will retire over the next five to 10 years, succession planning will be vital for the long-term survival of private companies.
It becomes more complex as many different business, financial and personal issues come into play. A good succession plan for private companies looks at a range of issues such as:
- Suitable talent
- Possibilities of floating
- Current leaders
- Corporate structure
- Estate planning
- Share transfers.
To help our clients, Deloitte Private has developed an eight-part series looking at what succession planning is, including the importance of goal-setting and understanding stakeholder concerns. Our methodology is designed to help private companies and business owners manage an orderly transition of the management and ownership of their business.