'Succession is the successful exit from a business.' Dunedin’s Beyond Business Succession Planning Service aims to maximise the economic impact of business succession and retain maximum value in businesses where key owners/managers are considering exiting. It is one of the few regional proactive initiatives in ensuring New Zealand’s small and medium-enterprise owners do not quit their businesses at the same time.
'Beyond Business' is a joint venture between key Dunedin business advisory professionals (accountants and lawyers), the Economic Development Unit of the Dunedin City Council and the Otago Chamber of Commerce.
According to research, many business owners procrastinate when it comes to succession planning and are unable to confidently answer basic questions such as:
• Do you know when and how you want to exit your business?
• Are you getting on well with the putting in place of a succession planning process that will make the most of your business for you and your family down the track?
• Do you know what you will do when you move on from your business?
• Do you know how to identify and engage with the quality of succession planning expertise that will most benefit you and your family when the time comes?
Succession planning is a necessary part of an organisation’s ability to reduce risk, create a proven leadership model, smooth business continuity and improve staff morale.
FACT: In March 2010, there were 995,900 older people (aged 55 and over) in New Zealand, 43.7 per cent of who were in the labour force. Significant numbers of New Zealand business owners in this age group are looking to exit their businesses over the next 5-10 years.
Beyond Business provides an impartial mentoring service to help business owners overcome the “personal procrastination barriers” that delay the development of their succession planning with professional business advisors. Beyond Business is currently working with around 70 active clients, of which around 20 per cent will look to exit their businesses in the next two years.
Benefits of succession planning:
- Assists owners explore succession issues and business transition concerns.
- Helps sustain small and medium businesses in New Zealand, including the employment opportunities they offer.
For further information contact:
Warren Taylor
Beyond Business
Otago Chamber of Commerce
10 George Street, DUNEDIN
Phone: +64 3 473 7617
Email: warrant@xtra.co.nz