In conversation with advisers: plan for succession
Partner Insight: Cathi Harrison, director of para-sols and Apricity and Clare Farrell managing director at Northfield Wealth met in London to discuss how you would plan an 'exit strategy' for your business, if the situation arose.
In the final video of the series, they talk to Julian Marr, Editor of Professional Adviser about how to plan for succession.
Farrell believes that businesses have a number of options including ‘keeping it in the family.' But what is important in general is to have a ‘game plan' and processes in place just in case "you are offered a sale."
Harrison agrees with Farrell, she says: "I have had my business para-sols for 10 years, and right from ‘day one', people have been telling me to have an exit plan. I can't really focus on my business, when at the back of my mind, I am focusing on getting out.
"Having said that, however, because para-sols has become a self-reliant business, I have been able to set up my new business, Apricity. We have a really strong leadership team, they know what I want to achieve with the business. It has now become a ‘natural succession plan', as I focus on Apricity."
Harrison is not dismissing the idea of having an ‘exit strategy' for your business: "Some businesses out there have an exit strategy in mind, I think in financial services, there is also a lot of ‘passing it on to your family' and people work more closely together. So it is about putting yourself in a strong position and looking at the options."
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