It’s actually pretty simple. Like any journey, we need to plan our final destination at the start of the journey, and then we can set a course, and plan the path to the end.

So, what’s involved? All that is required is to:

Decide when you want to exit, and how much you will want to sell for.

Plan on how much profit the business will need to show to sell for the price that you want to achieve
Set a program with targets and KPI (Key Performance Indicators) that need to be achieved to realise the price sought.
Plan to prepare the business for sale.
Seek advice from credible advisors to keep you accountable and “on track”.
Measure your performance and adjust where necessary to hit targets.
Make it happen.

There are two important benefits that you will gain from having a Succession Plan. These are:

You will sell for a higher price.
And, you will be motivated by “seeing the light at the end of the tunnel” knowing that all of your work and effort is going to be worth it.