Many owners and families have discovered the pitfalls and potholes of business succession. Below, Dr. Richard Shrapnel explores the success strategies for anyone venturing into succession.
Many owners and families have trodden the path of business succession and discovered the hard way the pitfalls and potholes that can foul the journey, and in some instances inflict significant costs, both financial and personal. Learning from others’ experiences before commencing your own journey is a worthy investment. Missing a step at the commencement of your process could collapse your years of work and investment.
Baker Tilly International, a global accounting and business advisory network, in co-operation with Swinburne University, is continuing its research into the success strategies, barriers and dynamics in private business succession. In this third article in a series on business succession, Dr Richard Shrapnel PhD explores the success strategies for anyone venturing into succession.
A full copy of the interim findings of the global survey may be downloaded from www.bakertillyinternational.com
There are eight key principles that have emerged from our research across over 1,700 businesses in some 55 countries; principles that provide key references as you orienteer your way through your succession journey.