Loading…

The key to effective succession planning - key take aways.

Following our Professional Practices Alliance event on “The Key To Effective Succession Planning” From the feedback we received, we’ve put together a summary of the key elements of a successful succession plan.

About the author

Claire Watkins

+44 (0)20 7556 1482
watkinsc@buzzacott.co.uk
  1. Having a plan in the first place!  Failing to plan is planning to fail.
  2. Starting conversations early so future leaders from within your firm are encouraged to participate.
  3. Incentivising associates and salaried partners to want to become owners. 
  4. Incentivising incumbents to plan for life after partnership and helping them to explore the opportunities that exist.
  5. Provide coaching, where needed.
  6. Getting an expert to value your firm and deciding what your succession “drivers” are, then structuring a plan to fit.
  7. Being aware that there is a difference between the value of your firm and the price someone is willing to pay for it.

We'd also like to say a big thank you to Sarah Chilton from CM Murray LLP for joining our panel of speakers.

Have a question or would like more information? 

If you have a question about the financial elements of your firm’s succession or simply want to discuss things, please contact Claire Watkins (Head of Professional Practices Group) or Matt Katz (Head of Corporate Finance Team) by completing the form below.

Please verify yourself above.
Please complete all required fields above.
You might also be interested in… Matt Katz

Matt joined Buzzacott as a Partner in March 2015 and heads up our Corporate Finance team.

The team advise entrepreneurial businesses in the £5m to £100m transactional value range and specialises in:

Click here to see a few of our numerous transactional successes.

Prior to joining Buzzacott, Matt trained with Grant Thornton and spent his formative years working in their London Corporate Finance team. In 2007 he joined the boutique practice, Roffe Swayne, and during his time there he played a pivotal role in developing the firm's corporate finance offering. Establishing himself as a respected adviser in the London and South East corporate finance market, Matt has been nominated for 'Insider South East Dealmaker of the Year' twice and 'Insider South East Corporate Finance Adviser of the Year' for five consecutive years.

In 2018 Matt was shortlisted for New Partner of the Year at the British Accountancy Awards. Matt didn’t win the award, gracious in defeat, explaining to the team that he simply wasn’t new enough. But the nomination did reflect the fact that he (and the team) bring all the skills a client may need to create successful transactions – professionalism, technical skill, pragmatism, persistence and patience.