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Jeff Immelt, the recently retired CEO of General Electric, once said that he had only two items in his job description: One was to retire with the value of the company exceeding that when he took over and the other was to find a successor.
Succession planning acknowledges that your team members will not be with your business indefinitely. It provides a plan and process for addressing the changes that will occur when they leave.
You often hear of public companies ‘grooming a successor’ for the CEO position or other lead roles, where the purpose is to create leadership continuity so that it remains business as usual when the current leader retires.
The same need exists in privately held businesses although you must go further to consider, not just retiring from your job, but your exit strategy options as an owner.
Succession planning is not just for business owners who are expecting to exit an industry in the near future. It is never too early to start planning. Those business owners that do start early will find they have the greatest amount of control over the timing, nature and profitability of their exit.
A succession plan helps your organisation in the following ways:
As you would expect, many of our clients have been through the process of putting in place a succession plan or selling their business, so if this is something you feel you should be considering, feel free to get in touch. You can call us on 0208 530 0720 or email firstname.lastname@example.org.
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Our specialist strategic division at Norden’s boasts some of the leading entrepreneurial business minds in the country. They cater towards delivering consistent success stories for businesses looking to achieve all their goals and more.
Through highly tailored guidance, coaching and advice, Norden’s Strategic are able to define exactly how your business can attain new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we steer you along the path to greater future.
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In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). They follow the bye-laws, regulations and ethical guidelines of the ACCA and we are an ACCA accredited employer. We are also accredited by Professional Passport for our Umbrella and accountancy services.
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