Vanmark Financial Services
Succession Planning
Succession Planning
Prepare for the future
Succession planning is an essential part of any good long-term business strategy. Managing all the aspects of the practice and understanding all your options can be difficult. With Vanmark, you can get dedicated, personalised succession planning advice to help you secure the future of your business. Succession planning comes with many benefits:
- Increased employee satisfaction in anticipation of advancement
- Managing unexpected events that affect the leadership structure
- Maintain business continuity in terms of values and direction
A good succession plan relies on the best advice available to navigate the complexities of your options.
By putting a succession plan in place, you can ensure that the business continues to run smoothly after the transition.
What is succession planning?
Succession planning refers to a wide range of business strategies for passing leadership roles on within a company. Inevitably, even those in higher positions will leave the company from time to time, whether transitioning to new opportunities or in the more unexpected cases of illness or passing away. By putting a succession plan in place, you can ensure that the business continues to run smoothly after the transition.
Business succession planning involves both financial considerations and attention to how your employees are trained and recruited. Vanmark can guide you with a bespoke, tailored solution to your needs.
What does succession planning involve?
Succession planning will naturally look very different depending on the nature of your business. Whether you are a small company with a handful of employees or a much larger operation, succession planning is equally important. In any case, it will involve a multifaceted approach involving some of the following factors;
Identify critical positions
Firstly, it’s crucial that you understand which positions require succession plans. Think about the leadership roles in your company, and what you would do if someone were to leave unexpectedly again, this can occur in more ways than one.
Advancement planning
From the process of hiring, it’s important to focus on acquiring employees you believe have the skills to take on management responsibilities. Nurture talent with consistent training to ensure you have employees ready to take over the higher positions.
Life insurance
One very practical way to plan, especially in business partnerships, is life insurance policies. This is known as a cross-purchase agreement, allowing the living partner to buy the share of the partner who has passed away.
Our advisers explain everything in a language that’s easy to understand.
With years of experience as financial planners, we understand the need for clarity and certainty is more important now than ever. To find out more about our financial planning, get in touch to speak to an expert.
Contact
Office
Tel: 01865 959099
Email: info@vanmarkfs.com
Main Office: Willowbrook, Oxford Rd, Frilford, Oxfordshire, OX13 5NU
Satellite Office: 1 Elmfield Park, Bromley, Kent, BR1 1LU.
Contact details for Jonathan (Financial Advisor)
Tel: 07983 118918
Email: jt@vanmarkgroup.com
Contact details for Chris (Mortgage Advisor)
Tel: 07535 225340
Email: chris@vanmarkgroup.com
