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My Week – Succession, is it hands off?

22nd Aug 2015
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The comments on My Day blog by mrme and Glennzy made me think about succession planning for my practice. I do not know what I should be doing, since I do not have any intentions of hanging up my bicycle on a wall for decoration and no longer cycle to the office. 

How do I plan or allow for succession? What is it that I need to do now? What happens if tomorrow my bicycle and I are put to sleep because of some stupid driver? In this case ACCA rules would kick in and the person I have nominated would take over and deal with client affairs appropriately. Probably buy my practice.

The thing is if I start talking to potential buyers their circumstances may change. They may no longer be interested. I could go on till my late 80s!

I can understand succession planning for those who want to retire at a certain age. What about people like me? I think I have a long way to go. I am fit and healthy, minus the obesity.

I am not sure what I should be doing. I can coach my employee(s) in a leadership/practice owner role. They may leave. Do I go on to the next one? Family members are out of the question.

Even giving an equity stake to employees, does not mean the person in question would stay. I am not sure if succession planning relevant for a person like me. Is it?

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