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Separate three decisions
Ownership, day-to-day leadership and the owner's personal involvement do not have to change on the same date. A family member may lead before buying shares. A manager may buy in while the founder remains involved. Start by describing the desired position for each of these three decisions.
Write down the owner's objectives and ask other stakeholders to do the same. Differences in timing, income needs or control are easier to discuss when they are explicit.
02 /
Compare routes before choosing dates
Family transfer, management participation and an external sale require different preparation. Consider the people available, the business's dependence on its owner and the information a successor or buyer would need. Our business exit options guide can help organise the route discussion.
Assess leadership capability separately from willingness to take ownership. A person may be ready for one responsibility and need support with the other.
If the owner needs an outside sounding board through the transition, consider how an advisory board could fit.
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Bring value and affordability together
A transition needs both an understanding of value and a workable funding discussion. Explore how proposed payments would affect the outgoing owner, incoming owners and the business. Use forecasts to test assumptions rather than treating an agreed headline amount as a complete deal.
We can bring independent valuation into that work and help identify the tax and structure questions that need attention before commitments are made.
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Turn intentions into a working plan
Give each unresolved decision an owner, a next step and a review date. Include what happens if the preferred successor changes their mind, finance is delayed or the owner's timetable changes. The succession plan template provides a practical starting point.
Look for early warning signs too. Our succession examples and fixes show how unclear authority and untested funding assumptions can hold a transition back.
Use this in your business
Prepare for a succession conversation
| Workstream | Question to bring |
|---|---|
| Owner objectives | What should change, and what matters most personally? |
| Leadership | Who could lead, and what evidence shows readiness? |
| Ownership | Who wants an interest, control or a staged exit? |
| Funding | Which assumptions need testing with advisers and lenders? |
| Continuity | What must keep working during the handover? |
A practical example
Leadership first, ownership later
A founder might want fewer operating responsibilities while retaining an investment. A practical first stage could clarify a successor's authority, reporting and support before discussing an ownership transfer. Keep both stages visible so the leadership arrangement does not become an accidental substitute for the ownership conversation.
Your next move
Start your succession conversation
Tell us what you want the next chapter to look like and where the discussion is stuck. We can help turn the competing priorities into a clear succession process.
Start your succession conversation