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A Business Succession Plan In These Challenging Times

  • Mar 30, 2020

During this pandemic, many business owners are having a challenging time and as business owners ourselves we feel your pain. 

If you have a business succession plan in place is it likely to be impacted adversely by recent events? Is there cause to rethink the option selected or the timeframe?

If you have put off working on a business succession plan now is a good time to start and you are likely to have more time to look at your options.

Many business owners in the succession frame will now have more time to focus on it :

• Do those things in your business that you have put aside in the busy times eg documenting policies and processes 

• Use the time you have now wisely to start or review your Business Succession Plan

• Seek advice and look at your succession options - there could be more available than you realise

• Stay positive and ensure when normality returns you are well prepared.

We Are Still Open for Conversation and Advice on Succession Options

At Platform 1 we are working from home and still open to supporting business owners with conversations around your options. Now is a great time to start a conversation and all our team is contactable. Telephone numbers and email addresses are on our website www.platform1.co.nz

Are There Still Talented People Looking to Get into Business Ownership Now?

We have been asked over the last week whether there are talented people still looking to get into businesses in these times? The answer is yes. We have many people in our database, not in salaried roles who certainly don’t want to sit around for 6 months. They are actively looking now and also have the skills to help businesses recover from these challenging times.

None of us have a crystal ball but we all expect a degree of normality will return at some time in the future. Let's all make sure we are prepared for it.

Stay positive and stay safe.

Mike Warmington is a Director of Platform 1 NZ Ltd who specialise in using executive search techniques to find people with capability and equity for SME business owners wanting to transition over a period of time.