Succession planning

Content Summary

A good succession plan should include the specific actions your firm will need to take if a  partner can’t provide professional services to clients.

It’s also important to be investor-ready and have an exit strategy so you can respond quickly to an unexpected acquisition opportunity. You need to the ability to present your firm as an attractive investment opportunity.

You also need to develop a performance culture in your practice to ensure you deliver high-quality service to your clients.  Our information about growing your business and risk management provide useful information on how to do this. 

Tips for succession planning

  • This should be considered an essential component of your risk management strategy.
  • Focus on maximising the value of the firm, services offered, the firm’s inherent profitability and the quality of your client base.
  • Be ready for opportunities to merge or sell.

Succession guides

These guides are primarily for small and medium size practices. They’ve been designed to provide practical tools to help you to plan and position your practice in the marketplace.

Test your succession readiness

Use our online diagnostic tool to quickly assess your succession readiness, options and an indicator of your practice value.