Succession readiness

The starting point for discussion will be around the expectations of partners/owners. Key items to be discussed will be: personal / professional expectations, financial expectations, business expectations and time frames.

Succession / Exit Options

A key element of the discussion will be to debate the range of succession / exit options and what is happening in the market. Some of the key options to be considered will be: Grow your own successor, merger, sale (internal or external), aggregation play or divestment.

To discuss your practice Succession Planning needs, please contact us on 1300 79 66 27

Colin Simkin, Founder & CEO
0417 435 212     

A great failing of many practitioners is simply ‘failing to plan’ and this workshop will provide a significant step for your practice to ensure a successful succession process is in place. Our Succession Planning Workshop will assist your firm in the development of a comprehensive succession strategy. The outcome of this workshop will be the development of a tailored, documented Succession strategy that is specific to the needs of your practice.

Practice Value

What is your practice worth today? What are your expectations around realised value? How can we maximise value increase / reduce value decrease. These are all important discussion in the context of your pending succession exit from your practice in the future. At the heart of much of this discussion will be the underlying drivers of value within your business which we will discuss in detail.

Succession Planning Workshop

Succession Planning Workshop Outline

Drivers of value

Where you have time to prepare your business for succession/exit, the following key value drivers will serve as an important checklist for you to give due consideration, particularly as you consider each area with some clarity around your optimum succession strategy:

  • Quality of cash flow, revenue and EBIT growth
  • Profitability
  • Staff: Retention, Recruiting and remuneration
  • Systems / Procedures / Quality of working papers
  • Clients: Retain, add new, receive referrals, value added services
  • Premise presentation and flexibility
  • Financial track record: Practice recovery / productivity / charge-out rates
  • Strategic plan
  • Client  / Service / Revenue diversity
  • Reduce dependency on key people
  • Transition timeframes / process / availability

Common Problems

Some of the more common problems you will want to think through as your prepare your business for succession will include:

  • Issues with ‘Attributes of value’
  • Under-pricing of services
  • Excessive WIP
  • Excessive Debtors
  • Contingent liabilities
  • Mental preparation
  • Cultural fit
  • Overall presentation
  • Realistic expectations around exit price
  • Tax treatment of deal

We will discuss all these elements and other key issues as we start to formulate a clear strategy and plan around your business succession.


Prior to our workshop, there will be some key preparation your firm and key stakeholders will need to complete including our Practice review, Personal review, Due Diligence review.