Robyn Donovan | 17/03/2009 5:01:31 PM

Are you ready to hand over the reins of your business? These questions can help you to prepare for a successful succession planning process.

• At what stage is the business in its growth and development?
• Does the business need a conservative manager or does it need a manager with skills to grow the business?
• What training can you provide for the incoming managers?
• Does the successor have the required management skills, experience and leadership qualities?
• Does the next generation share your personal and business values?
• Are you psychologically ready to “hand over the reins”?
• Studies have found that the owner’s partner, usually the wife acts as a “go-between” in family negotiations. How do you know that all individuals concerns are identified and clarified? What is the level of trust within the family?
• Do the family members have specific roles within the business and are these roles acknowledged?
• Would the business survive if the current or future management experienced a major health or personal crisis?
• Does your succession plan take into account the current business and wider economic environment?
• Are there estate planning issues that could be addressed prior to the implementation of the succession plan?

If you require assistance in developing a succession plan for your business contact Capricorn Investment Partners Limited on 07 49204600 or email enquiries@capinvest.com.au

The Investment Collective (AFSL 471728) is a non-aligned financial planning and investment firm specialising in providing tailored financial and investment advice for individuals and small business. Capricorn Investment Partners Limited's services include financial planning, share trading, portfolio management, insurance broking and self managed super fund administration. Additional information on services provided by The Investment Collective Limited can be found by following this link. Readers are reminded that this document has been prepared for general information purposes only, and any advice contained herein has been prepared without taking into account your financial objectives, situation or needs. Readers are advised to see their financial advisor prior to acting on any general advice.