Develop your knowledge on succession planning and implementation including the benefits and risks.
Description
Understand the elements to preparing and implementing a succession plan.
Succession planning is a complex process that must be developed long before its need for enactment.
Having a succession plan demonstrates business stability to existing and potential clients, as well as employees and adds value to your business. Through early succession planning and by developing a long-term roadmap, you will be in the best possible position to work towards your ultimate goal – most commonly to maximise the business value for sale or transition to the next generation.
This module focuses on succession in accounting businesses, however it explores many relevant ideas and approaches that will also assist you to advise your clients on how to plan their own exit strategies. It will also empower you to choose the succession option that is most appealing and that will ensure the long-term survival of your business legacy.
Key Topics
- The role of succession planning in risk management
- Considerations for succession
- Succession options
- Implementation
This course consists of one online course and one online assessment.
This module forms the Practice Management component of the My Firm. My Future. Framework. It is designed to complement other modules in the My Firm. My Future. suite.
Learning objectives
- Identify the role of succession planning in risk management.
- Evaluate the relative benefits of each succession option.
- Implement a plan to address the issues involved in the succession process.
Audience
This course is suitable for SME business owners and accountants advising business owner clients.
