“Risking it all” can be daunting, as is the case with most aspiring entrepreneurs. “Finally, Making it” is the reaped fruit sowed by relentless hours of hard work and sacrifice. Letting that go, to pave the way for other leaders to retain the founding vision whilst revolutionising direction and lead, is even harder yet crucial for cementing the legacy and longevity of any business.
In solace, “You are not alone” – several companies both at local and international level have successfully managed to evolve and grow through careful succession planning, one that is gradual, non-disruptive, and effective.
Most prevalently within the local context, succession and the family business reference has been almost synonymous, yet somewhat inaccurate. Whilst the topic of succession might prove more delicate within family-owned businesses, the need for its consideration extends to all business endeavours that seek to preserve and cement value.
Stability in direction remains crucial, to facilitate such a transition and ensure that there is flowing continuity both in operations and image. As such, setting a comprehensive yet strategic plan that identifies and sets the way forward for the new generation of leaders will be the first step.
Simply put, continuity planning will set the terms going forward. This defining the transitionary phase and the end goal at interim stages, via the optimal entity structure, financing route and valuation. Maintaining ‘business-as-usual’ through employee retention also facilitates the continued plan forward as the business advances to the next stages. On all levels, preserving both personal, family and business wealth, will also seal into the master plan, with retirement and investment considerations taken into account.
Most recently, the promotion of succession planning, particularly for family businesses, has been set at the forefront of government policy and agenda. In view of this, several incentives have been issued to minimise businesses’ vulnerability, including bank financing and wider fiscal incentives including but not limited to the transfer of ownership of both tangible and intangible assets such as immoveable property and shares.
KSi Malta can thus assist in the full planning of and transition for succession, helping businesses stay ahead of the curve, in being competitive, and ultimately better equipped for today’s challenges and tomorrow’s long-lasting growth. After all, a leader’s lasting value is measured by succession.
Get in touch, to know more about effective succession planning and let us provide concrete support for your business.Go Back
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