Succession Planning

Building a successful business can be a lifetime endeavor, but it’s essential not to underestimate the significance of adequate succession planning. Research indicates that many business founders jeopardise their life’s work by failing to plan for succession effectively.

The unexpected can occur when we least expect it, such as serious illness, disability, or even death, which can profoundly disrupt a business operations. During such crises, emotions run high, making it challenging to make rational decisions in the best interests of the business. This underscores the importance of Roger Boghani’s assistance in developing and implementing a well-conceived succession plan, regardless of a business’s size or structure, as “tomorrow may be too late.”

Much like a well-executed relay race, the process of succession planning, the passing of a company’s leadership, should be smooth, meticulously planned, and flawlessly executed for success.

Roger Boghani advocates that succession planning should unfold gradually over time, involving business owners or, in the case of family businesses, the transitioning of knowledge, skills, labour, management, control, and ownership from the retiring founder generation to the successor generation.

A comprehensive succession plan should encompass the following components:

• Clarity on how ownership will be distributed.
• Identification of the new leader(s).
• Methods for training the new leaders in their roles.
• Defined roles for other key members during the transition.
• Protocols for business purchase or sale.
• Considerations for taxation and legal matters.
• Financial aspects.
• Retirement planning.
• Procedures for monitoring the process and addressing disputes or issues.
• A well-structured timetable.