Even though it may seem like a faraway prospect, succession is an important stage of your business that requires careful planning from day one.
When you’re ready to move on from your business, you need to know that it’s in safe hands – either continuing on as normal with the right team in place, or being sold to a profitable enterprise that will make a success of it.
As part of our business advisory services, we encourage all organisations that we work with to prepare a workforce plan as a map for the future. This quickly highlights gaps in succession plans and points to critical bottlenecks in capacity – many CEOs realise why they are so busy after this exercise!
Once the gaps are identified, we can help develop plans to address them. A key part of this is developing the capability of your people so you know that they can handle the business in a way you’ll be proud of.
Our EPIC programmes include coaching and access to our online personal development platform, so your teams can build their leadership and management skills in a way that suits their needs and time.
With a comprehensive succession plan, we find that many business owners have a shift in priorities – when the business is being run so well, there’s less incentive to sell. Don’t fall into the trap: this is probably the best time to sell, as your business will be more attractive and therefore at its most valuable!
If you decide to make a disposal, our experienced corporate finance team can provide invaluable advice and offer a complete cradle-to-grave service.
Did you know that two thirds of businesses in the UK are family businesses? In addition to the challenges of running a successful business, family involvement can add an extra layer of complexity, with the need to manage potential conflict between the business goals and longer-term family goals.
We run a specialist programme for families in business, which includes specific, proven tools to help you put a structure in place and processes to deal with those unique challenges, including succession.
The relationship we built with Randall & Payne was fantastic. They offered a very personal and professional service, with great communication and we had every confidence in their team. This resulted in a successful sale of the business.
Ollie and his team gave us excellent advice throughout our company sale process, and their involvement allowed us to achieve a much better deal than we had originally anticipated. They were always very approachable and didn’t just approach the deal from a financial perspective – we felt as though they prepared us for the lifestyle changes that lay ahead of us.
Having the knowledge and professionalism of Randall & Payne at the very beginning of the negotiations was imperative to WHC. Ollie took control engaging with all the legal, financial and accountancy experts on our behalf. We had 100% commitment from Ollie and his team, all questions were dealt with immediately and efficiently, even outside of working hours. Randall & Payne have a brilliant, forward thinking approach that suits the WHC ethos.
Officeworx Ltd have been using the services of Randall & Payne for 25 years. In this time, they have supported us with everything from our standard year-end accountancy through to business advice, consultancy, acquisitions and mergers. They have experts for every requirement and offer a wide range of services. With the team at Randall & Payne behind us, we can get on with doing what we do best – running our business.
The Partners and team at Randall & Payne simply gave us what we needed to turn our plans into reality. We are excited about the future and are already working with them on the next three-year plan.
