Do you ever find yourself worrying about the course your business will take when you take that dreaded step back? Exiting a significant chapter in your life can evoke a quirky blend of emotions: accomplishment, relief, unease and uncertainty. With our direction, you find clarity, like you have found the calm to keep you and your business grounded while navigating turbulent times ahead.
Whether you’re selling your business, passing it on to family members, or retiring, our organised approach ensures a smooth transition that incorporates your long-term goals without compromising your peace of mind. We have experienced the pressure to form a succession plan that fulfils the duty of care that is instilled in business owners from the start. A comprehensive exit strategy is a tough one to construct on your own, and that’s why we are here to help.
Succession planning for businesses of any scale is essential in securing long-term stability, even when you are not part of the business anymore. Our succession planning services, beginning at £1500.00, provide a roadmap for the future: empowering individuals with the potential for promotion and future business financial goals that relieve you of that looming uncertainty for the future. Our prices can vary as there is scope for additional services, depending on your goals, that you would like to be introduced along the way.
Struggling to Navigate your Business Exit
A business exit strategy can overload business owners with confusion and unease, and choosing to behold this feeling can infiltrate concern and anxiety within your team, increasing the pressure to finalise the right plan. Without a collaborative strategy, you put a multitude of significant risks in place. Here are the key benefits of having a succession plan:
Continuity and Stability
You are clearly communicating a plan that continues business functions, upholding connections with clients and employees performing to reach business expectations.
Employee Development
A strategy models to employees that there is an opportunity for progression within the company, as in many cases, the senior members teach junior employees key leadership skills to become senior members themselves.
Employee Morale
A pre-planned exit strategy prepares employees for change, making them feel considered so they can envision the progress in their careers and inevitably improve the overall mood of the team.
Problem-Solving
Having plans in place for the future relieves the stress of an unexpected change. This allows businesses time to process change with reduced urgency, for example, taking time to find the right candidate for a job vacancy.
Our business exit service sounds a little like this…
Step
Prioritise the most important parts
To begin, we advise you to start by breaking down the different sectors within your business and ranking them in order of the most influential to the least – in terms of your business functioning. For example, it would be more beneficial to create a success plan for a manager as opposed to an administration employee.
Step
Assess potential successors
Certain individuals will need more detailed succession plans due to their integral influence on the day-to-day function of the business. Not only this, they are the employees likely to be selected for promotion to critical positions – meaning they will need significantly more guidance.
Step
Design a transition plan
We take time to construct a comprehensible but meticulous transition plan that states the logistics of the business change, including times, dates and a shift in responsibilities for employees.
Step
Consistent evaluation
A transition plan may not be the perfect fit for the business the first time, which is why it is good practice to review the plan collectively and regularly. This allows for our accountant-wired feedback and your improvements that can add to the effectiveness of the plan.
Why 1 Accounts is your Reliable Succession Plan Partner
Joining 1 Accounts helps you form a partnership during your business exit to supply your plan with a substantial foundation of knowledge of the intricacies behind succession planning. Our adept accountants effectively steer our clients away from the pitfalls, keeping you and your business stable through the process and making sure there is no corner unturned.
A Plan That Covers Each Facet
As a family business, we consider the prospect of passing the accountancy legacy forward, but as accountants, we recognise the mental burden of organising a finance-safe business transfer. Our expertise specialises in succession planning, ensuring you receive a functional plan so that step back doesn’t jeopardise the running of your business.
A Forward-Thinking Business Partner
Our unmatched commitment to proactively leading businesses through changes and catalysing their adjustment sets us apart from other accountancy firms. We understand the uneasiness surrounding business change, so we construct a suitable plan that reassures our clients but with realistic and honest recommendations.
Our Personalised Service
Entering a difficult chapter with no awareness of the process can be daunting, and we understand the need for companionship with this. Our service operates on friendliness, support and collaboration, helping you navigate this change with your nerves at bay. Our responsive communication style elevates our accountancy firm amongst other remote ones due to our agile response to concerns.
Fixed fee, multi-award winning online accounting services for businesses.
Leave Your Business in the Right Hands
As a family-run business, we understand your mindset when seeking a succession plan that safeguards your business, your employees and your legacy. At 1 Accounts, our service thrives on the importance of a well-thought-out exit plan; therefore, we provide tailored leadership handover and stress-free solutions that help you leave your business, envisioning its longevity while you enjoy the departure.
For more insights and assistance with succession planning and preparing your exit from your business, feel free to contact us at 1 Accounts. Our team of experts is here to guide you through every step of the process.
