Succession Plus, one of Australia’s most forward-thinking and innovative companies is proud to announce that they have recently celebrated ten years in business. The company which operates nationwide, delivering seminars and working predominantly with the baby boomer generation, has never been busier and is actively working on international expansion plans, with expansion into the United Kingdom imminent.
The foundation of the company was built on the concepts and ideas of the book written by their founder Craig West entitled “Enjoy It” https://www.successionplus.com.au/enjoy-craig-west/ . Although the first of the baby boomer generation turned 65 in 2011, the baby boomer birth rate does not slow down until 2029, and the ideas and concepts behind the book are proving more popular than ever.
Many of the baby boomers have enjoyed remarkable success across a wide range of industries, but as they approach retirement, their thoughts are turning towards an exit strategy. The forward-thinking business owners are already working on designing and then implementing a Business Succession and Exit plan, allowing them to remain in control and facilitate an orderly transition, be that to family members or by utilizing other more innovative ideas. Contrary to popular misconceptions, many baby boomers are more focused on ensuring the ongoing success of their business, their customers and suppliers, rather than trying to sell for the best price.
“Enjoy it” was republished in 2018 and provides business owners with a comprehensive 21 step guide for implementing a succession model. The book has been a phenomenal success; this is the fourth reprint, and its popularity continues to grow.
One of the key concepts to running a successful business is being able to adapt, successfully implementing new ideas and ensuring that your company does not get left behind as market forces change. This also applies to the business exit market, both in Australia and across the world. Succession Plus has identified a dramatic increase in “alternative” exit models, including but not limited to the use of Employee Share Ownership Plans https://www.successionplus.com.au/employee-engagement-share-plans/. This concept involves the owners of a company gradually selling down their equity to key members of staff; some people may think of it as a more structured management buy-in. Using their knowledge and expertise within the industry, Succession Plus now has the capacity to link leverage (through a debt facility) to the Employee Share Ownership Plan with the aim of accelerating the sell down.
Such has been the success of the concept, the Australian Government is once again considering improvements to the ESOP rules to make them more suitable for an exit strategy. Another example of the forward-thinking work that Craig West and Succession Plus have delivered “The Peak Performance Trust Structure” is a succession focused ESOP which has received the ESOP of the year award, twice in the four years. Succession Plus recently completed a case study video for their client Umwelt, which identified and demonstrated the success of its ESOP implementation.
As awareness and knowledge of the 21 step approach has spread across the country, it is now used by 28 accredited advisors throughout Australia, in all capital cities and several regional areas, as well as in New Zealand. As mentioned previously in May, the company successfully partnered with a consulting firm in the United Kingdom to market the model and associated products and services into the UK. Succession Plus UK will launch in June 2019, and to launch the company in style, the UK partners will attend the Succession Plus annual conference which takes place in Sydney in July 2019.