Succession Planning
Sun, 1 February 2009 AEST
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Succession planning refers to the process of progressively transferring ownership and control to another generation of owners. In essence, it aims to promote a win-win situation for vendor, entrant and industry as a whole. Long used by other professions, correctly managed, and with the right parties, it leads to improved values for the retiring owner and reduced risks for the incoming partner.
Synopsis:
- Many pharmacy owners, as a practical alternative to business sale, are adopting succession planning which involves the progressive transfer of ownership.
- Long used by other professions, correctly managed, and with the right parties, it leads to improved values for the retiring owner and reduced risks for the incoming partner.
- Ultimately it's a process not an event and requires careful execution of a number of steps. It also must be tailored to the objectives of each partner; new and old.
- Once completed, often the process starts again with another generation.
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