Succession planning strategies
Keep your business going with the right succession plan
Unfortunately, many businesses and companies don’t have a succession plan. Even among the ones that do, their plans are often barebones, offering limited help when it’s time to hand over the reins.
Don’t let yours be one of them!
The key to a good succession plan? It isn’t some secret technique or hidden system – just good old-fashioned common sense.
- What’s your company’s vision and mission?
- What does your company and management structure look like?
- Which sorts of non-technical qualities do you want in your successor?
- Who are your most talented staff?
At Danaher Moulton, we take each of these into account when drafting your company’s plan. We know that there’s no such thing as a simple solution when it comes to succession planning, so we don’t even try to find one.
Instead, we focus on answering each of these questions, creating a succession plan that allows you to carry on with business.
What is succession planning all about?
Continuity is the name of the game when it comes to succession planning
Whether it’s because of retirement, a change in your goals or an unexpected medical condition, one day you’ll find yourself leaving the businesses you’ve spent so long building up.
Succession planning ensures that your company is ready when this happens.
Our succession planning lawyers focus on putting the right people, systems and training in place so that when the time comes to hang your hat up, it’s business as usual at your company.
You’ve built your company up – a good succession plan ensures that your company continues thriving once you (or one of the other senior members of staff) leave.
Appointing your successor
Our succession planning lawyers in Melbourne know that technical advice isn’t enough to help you overcome your legal problems. Likewise, technical skills aren’t the only thing you should look for in your replacement.
We won’t just look at technical skills when helping you choose a successor – we’ll also narrow down on the personal skills, values and attributes that your replacement needs, helping you make the best choice for your business.
Making the transition easier
Your business is a huge part of your life. There’s a good chance that yours started out as a way to live your dream.
Unfortunately, this can also make it hard to step away when it’s time to retire.
While succession planning can’t cure these feelings, it can definitely help! Our common-sense approach helps us build a comprehensive plan for afterwards, allowing you to retire with confidence.
Not just ownership
While the owner (read: you) is the most important person at your company, you aren’t the only one. What about other leadership and management positions? What do you do if one of these positions vacates unexpectedly?
In addition to planning for your retirement, Danaher Moulton’s succession planning lawyers in Melbourne also develop plans for other important members of staff, ensuring that their knowledge is passed down and that their departments continue to function seamlessly.
Preparing for the worst
“Key person risk” (otherwise known as the bus factor) is a business term used to refer to when a business or company relies too heavily on a single person. What happens if this key person wins the lotto, or is hit by a bus?
Succession planning ensures your business keeps on trucking in the event you or another senior member has to make an unexpected departure.
Estate and succession planning in Melbourne
Your estate is settled – but what about your business?
Your business or company is often the most valuable asset in your possession – one that you’ve literally spent years building up and pouring your heart and soul into.
Unless your estate plan explicitly addresses what will happen to your business, can you really say that it’s complete?
While your estate plan and succession plan are separate plans, the two go hand-in-hand. We approach both with the same common-sense approach, ensuring that the things that matter to you are protected.
With a decade of experience providing both estate planning services in addition to succession planning, our Hawthorn lawyers have helped countless business owners safeguard everything they’ve worked so hard to build.
And you can be one of them.
Your business is ours
Succession planning can be as complex – or as simple – as you need – it all depends on your business.
For some businesses, succession planning is as simple as promoting a competent staff member or nominating a trusted family member to take over.
In others, it can involve restructuring your company altogether to align it with a change in direction.
Simply put, there’s no one-size-fits-all solution – that’s why we don’t even try to find one.
At Danaher Moulton, each succession plan is built from the ground up.
Instead of just helping you nominate a successor, we will site down with you to determine:
- Your mission statement, and whether or not it’ll change once you’re gone
- How much risk you’re willing to take
- How important your business is to your family’s continued prosperity
- Company culture and the most suitable management style
Not all of these decisions require the input of a lawyer – that’s why our succession planning lawyers in Melbourne make sure to switch off “lawyer mode” before sitting down with you to hash out the details regarding your succession plan.
That means breezy, authentic, and genuinely eager to see your business continue!
7 steps to achieving
your goals
Engaging a lawyer doesn’t have to be a long-winded process
We understand each deceased estate family are different. That is why one size does not fit all. Our deceased estate lawyers work with you to find solutions for you and tailor their advice to your specific circumstances.