When Should You Start Thinking About Business Succession?

Minerva Holdings adopts a tried, transparent and true approach when facilitating a transfer of business ownership. We ensure RTO owners are satisfied with the transfer, and their business remains in capable hands. To achieve this successful outcome, an RTO owner may have a succession plan in place that acknowledges their staff and students. So when should you start considering succession strategy? We discuss the benefits of succession planning for RTO owners in this latest Minerva Holdings blog.

Your business represents an important milestone.

Your business is indicative of years of hard work, collaboration, and growth. Or it will be, if your brand is only beginning to take off. There’s no such thing as ‘too early’ when thinking about succession. In fact, developing a plan in during the business’ developmental stage will help you to make purposeful business decisions during your tenure as a founder.

It’s important to think of the bigger picture.

With a long-term and well-designed succession plan in place, you can maintain a clear vision of your business goals while making major decisions. Should you find yourself exiting the business, you’ll be confident your life’s work will continue to make a difference with your foundational strategy in place.

Unfortunately, the unexpected is always a factor.

Unexpected circumstances such as illness, accidents and personal issues can always arise. As the saying goes, it’s a smart idea to ‘cover all your bases.’ Particularly when you’re a business owner with obligations to students and staff to make good on. If you’ve a clear succession plan, you’ll be able to alleviate stress when tackling life’s ups and down. That will give you more time to bounce back from challenges, safe in the knowledge that at least some aspects of your business function are accounted for.

Succession making is a big deal. Where do you start?

The first question that comes to mind is who your successor is. Ideally, you seek a like-minded individual or business who also shares your core values and understands the vision you’ve created. When you know exactly who will take over in your absence, or have an idea of where to look, you can determine the timeframe for the succession, whether it will be full or partial ownership, any  key personnel changes and processes for skill retention.

Minerva Holdings understand selling an RTO or developing a success plan is an important process , one often difficult to navigate. When prospecting new businesses, we ask fundamental questions relating to business and staff structure, and intentions for selling. This process ensures all parties’ best interests are met, and the business is capable of reaching its full potential.

Thinking about exiting your business? Start a conversation with Minerva Holdings today, and we can assist you in navigating these next steps.