What business succession planning is
Business succession planning sets out what happens to your company or partnership if you retire, lose capacity or die. It covers who takes over ownership and management, how your family receives fair value, and how the business keeps trading. Without a plan, shares may pass to people with no interest in running the company, or surviving owners may be forced to sell. Succession planning also considers your own retirement income, the timing of any exit and whether the business should pass to family members, management, co-owners or an external buyer when the time comes.