Succession Planning

Our Succession Planning service allows you to transition your business to new ownership in a systematic way should an unforeseen event occur. 

Succession Planning will help you evaluate your succession options and define an appropriate process in order to extract the best value from your business when you decide to exit. 

The Succession Planning process is a half-day, one on one Succession Planning session where we’ll help you to define your goals and objectives with respect to your eventual exit from your business. 

The key outcome of the Succession Planning will be about extracting what you desire from your business. We will start by matching your business goals to your personal goals, which will help you to plan for how you can extract the value that you require to enjoy the lifestyle you wish to lead after you exit your business. 


Succession Planning is all about a carefully considered exit strategy that reflects the hard work and capital you’ve invested in your business. We will work with you to ensure that the expectations of all parties are achieved.  Some questions to consider when determining whether you could benefit from this service: 

  • Do you feel your business would be unable to cope without you? 
  • Do you worry about being able to recover your investment (and more) when you exit? 
  • Are you concerned about the expectations your family may have for your business? 
  • Do you have clear expectations and goals for life beyond your business? 
  • Do you know what’s required to support your lifestyle after you’ve exited your business? 

Succession Planning is about clarifying what you want for the future, while taking into consideration business, personal and family expectations. 

 Succession Planning


All business owners should have a Succession Plan in place. Whether you plan on exiting in three years or 30 years, it’s important to have a plan now. If you answer yes to any of the following questions, we recommend you undertake Succession Planning. 

Would you like to: 

  • Have maximum value from your business to provide for your future? 
  • Minimise unnecessary stress when you decide to exit your business? 
  • Avoid compromising your sale price, client relationships and the overall reputation of your business? 
  • Increase your ability to make effective strategic decisions beyond your departure? 
 Succession Planning


You will attend a one on one 4-hour (half day) planning session facilitated by ilumin. 

During the session, we’ll work with you to create a concise Succession Plan to guide you through this process. We will help you: 

  • Determine what you want out of your business. 
  • Clarify your succession options. 
  • Identify the key people involved. 
  • Ascertain the timeline and key milestones for your Succession Plan. 
  • Clarify the various personal, business, financial, legal, and taxation aspects you need to consider. 
  • Identify the actions and strategies you need to take to make your objectives achievable. 

We will provide you with pre-work, which you will need to complete prior to the Succession Planning session to ensure you identify any issues that need to be discussed.  That way we can prepare any information required prior to the session. 


If you wish to take a more passive role or sell your business within the next three years, we recommend you start the ongoing Succession Planning process now. The earlier you start, the more likely you are to achieve your goals within the timeframe you set. The longer the planning phase, the more time you have to prepare your business for sale and attract the right successor. 


  • Dedicated time to review your business and determine what you want from it. 
  • Stimulate strategic discussion around ‘what if’ scenarios. 
  • Determine a common vision for owners, team members, and successors. 
  • Establish the challenges and opportunities in your business. 
  • We will act as an impartial sounding board to help you in the decision-making process. 
  • Clarify your succession process, defining tasks and actions to maximise your outcome. 
  • Identify and prioritise key goals and milestones. 
  • Develop a tool to communicate your Succession Plan with family and other key stakeholders. 
  • We will encourage you to be accountable for achieving your goals. 
  • Access our collective wisdom, systems, products, and services. 

Finally, Succession Planning provides you with a great opportunity to work ON your business instead of IN your business. 

 Succession Planning


Take our quick financial quiz and we’ll tell you how you scored plus you’ll receive a FREE 15 minute phone or zoom consultation with some great insights to take away.

Quiz – Receive A Free Consultation
press Enter
1. Do you create an annual budget?
2. Have you set financial goals?
3. Do you have an action plan with a strategy to reach your financial goals and KPI’s?
4. Do you have a plan to pay off your debt?
5. Do you track your business expenses?
6. Are your savings automated?
7. Have you developed cashflow forecasts?
8. Are you measuring your cash flow?
9. Have you taken any professional advice on managing finances?
10. Would you like a free 15 minute consult with an ilumin Director?
Use Shift+Tab to go back