Running a successful business can be demanding. To deliver value to shareholders as well as ensuring the continued success of the business after a change of ownership, it is crucial for business owners to prepare a Succession Plan.
Tughans’ specialist team works closely with businesses to help maximise shareholder returns and preserve the legacy of the business.
It is well documented that only a third of family businesses are successfully transferred to the second generation. But succession planning is not just for family businesses. The difficulties facing family business can often be the same for all manager-owned businesses.
Having an adaptable succession plan means a manager-owned business can provide for a smooth transition to the new owners while returning value to the exiting owners. A succession plan should be a long-term focus for every business, forming an integral part of its strategy and operations.