EXPERT OPINION WHAT NEXT FOR MY


Families in Business chief executive and founder, Dani Saveker looks at the issue of succession planning and answers key questions to help you futureproof your business


The best future proofing happens collaboratively and should be a daily topic with open communication and people feeling that they can be honest


What do we mean by ‘what next’ and succession planning? Succession is a generally over-used and misunderstood term, often referring to who will take over the running of a business in the future. It’s important to understand that most people start a business because they spot an opportunity in the market or have a great idea. It grows slowly and hopefully, over time, becomes something more significant. The last thing on a founder’s mind, in general, is the question: “what next?”.


I’ve long felt that the term ‘succession’ isn’t the best for a business and owner to consider as it tends to focus on the running of the business only. Instead, we try to get people to consider the overall ‘future proofing’ of all aspects of their business: • Starting with themselves and what their own identity and focus is as the founder or MD and what they want and need; how they’re feeling. When you run your business it’s everything but we can sometime focus too much on doing and not on the bigger


10 DIY WEEK 8 SEPTEMBER 2017


picture. Being able to step back a little and consider what you want is important.


• Next you need to think about the purpose of the business: why are you doing this? Is the business for lifestyle, to pass on, to sell, to have a social status?


• Then think about those you spend your time with: in business, your family and friends, your outside interests (if you have any), your clients and suppliers - and look at what the most important relationships are, their needs and wants. You may have people keen to step up in the future.


• Now understand what the business does: what’s the strategy, what steps can you take to ensure it’s not all on your shoulders and that the business can survive without you – not because we think something might happen tomorrow to you (although things can happen unexpectedly) but because it adds value to your business if it’s not relying on one key person. It’s important to consider suitable protection for you and your business:


shareholders agreements, contracts, insurances, etc. Many people don’t think about if something happened to them who would own their shares or run the business.


• Finally, we need to consider that the world is a fast changing entity that can throw all sorts of unexpected things at you; in other words, what could, is and has impacted your business. I mean this both positively and negatively, for example economic conditions, weather, technology, key employees leaving, a competitor’s business closing, etc.


These are just a few areas to look at when considering ‘future proofing’; 95% have never planned at all.


How far in advance does a retailer have to start planning? My advice is to always start future proofing from day one of a business. Creating time and space to review and refine is critical because everything’s moving all the time. The reality is that we don’t do this early enough but having


conversations from today about the future – short term and longer term is so helpful. So I would urge people to start today.


Where do they start...what are the common options or routes to take? It starts with them having an awareness of the importance of planning and beginning to ask themselves some of the questions above and below: • what does the business mean to me?


• what’s the purpose now and into the future to me, my family, my employees?


• What do I want to be known for? • What do I want my business to be known for?


• Who is around me and what are their thoughts?


• What’s the business plan and how do we future proof it?


• What could impact us now and in the future both positively and negatively and what can we do about this. Ask: “what if...” The best future proofing happens collaboratively and should be a daily topic with open communication


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