Login In

Interactive Diagnostic

Stratford-upon-Avon

13 The Courtyard
Timothy's Bridge Road
Stratford-Upon-Avon
Warwickshire CV37 9NP

01789 294484

enquiries@gjassociates.co.uk

London

7-8 Stratford Place
Mayfair
London
W1C 1AY

0207 495 0304

enquiries@gjassociates.co.uk

Succession planning is the cornerstone of securing the future of your business. As a visionary business owner, you’ve poured your heart and soul into building your enterprise, and now it’s time to protect its continuity and success proactively. Join us as we delve into estate planning, wills and succession to help you make your wishes clear and protect your business, wealth and the future of your loved ones.

Why do I need an estate plan, will and succession plan?

When protecting your legacy, estate planning, making a will, and succession planning form a powerful team. Together, they ensure a well-organised strategy for managing your assets, dealing with taxes, and securing the success of your personal and business affairs. This integrated approach safeguards your legacy, ensuring your wishes are carried out seamlessly. Let’s take a look in detail at each element:

Why does succession planning matter for your business?

Succession planning matters for your business because it seamlessly transfers leadership and responsibilities. Importantly, it maintains business continuity, minimises risks associated with unexpected departures and develops a strong leadership pipeline. Additionally, the process preserves corporate culture and knowledge, boosts employee morale, attracts top talent, and demonstrates preparedness to stakeholders. Ultimately, it enhances long-term financial stability. It confidently empowers your business to navigate future challenges, safeguarding your vision and values for sustained success.

70% of family-owned businesses fail to transition successfully to the next generation.

– Source: Family Business UK

The next step is crafting a detailed succession plan outlining roles, responsibilities, and timelines. You should engage current leaders, ensuring their commitment to the plan. Communicate openly with potential successors, addressing their aspirations and career paths.

Finally, implement the plan, monitor its progress, and adjust as needed. Regularly review and update the plan to adapt to changing circumstances. Consider external talent if required, and document the plan for accessibility and transparency. These strategic steps will pave the way for a seamless leadership transition and long-term success for your business.

Who should be involved in your succession planning?

The process involves a network of critical stakeholders, each playing a crucial role in shaping its success. Engage your current leadership team and human resources professionals to ensure expertise and alignment with strategic goals. Involving potential successors fosters open communication and aligns their aspirations with the company’s vision. Seek guidance from your board of directors or advisory board to ensure strategic alignment.

55% of family businesses worldwide do not have a formal succession plan.

– Source: PwC

While talking to family members about this sensitive matter can be challenging, their involvement is vital for family-owned businesses. External consultants and legal/financial advisors bring valuable perspectives and expertise, objectively supporting the process and facilitating difficult conversations. By embracing the collective wisdom of these stakeholders, you can forge a resilient succession plan that secures your business’s legacy and nurtures its growth into the future.

When is the right time to start succession planning?

The right time to start succession planning is now. Don’t wait for uncertainties to arise; be proactive and empower your business’s future. Early planning ensures a smooth leadership transition, whether you’re a small business owner or leading a large enterprise.

Prepare your successors, develop a strong leadership pipeline, and instil confidence in your team. Embrace the present moment to secure a thriving future for your business, leaving a lasting legacy that withstands the test of time.


As a passionate business owner, your legacy deserves the utmost care and foresight. Succession planning is not merely a business practice; it’s a testament to your dedication to your business, employees, and loved ones. By embracing the power of estate planning and succession planning, you can empower your business to thrive for generations to come.

Take the first step towards securing your legacy by exploring the art of succession planning today. Contact our dedicated team, GJ Estate Planning, at 01789 294 484 to discuss your business’s unique needs. Together let’s craft a tailor-made strategy for your business’s continued success.

You might also like these

Commercial finance can be a game changer for businesses looking to scale. Growing companies face numerous financial challenges. Access to the right commercial finance can ensure you are in the best place to seize opportunities and maximise the growth potential of your business.

We spoke to Liam Chandler of G&S Financial Solutions to determine how ambitious companies can secure their working capital to hit their targets and thrive. 

What is commercial finance?

Commercial finance, including factoring, invoice discounting, and asset-based lending, offer businesses alternative funding options based on their assets. Essentially it improves cash flow and meets financial needs, unlocking growth opportunities. Ultimately, small business owners can rely on commercial finance to access working capital, fund expansion, and achieve their goals.

How does commercial finance work?

Commercial loans can be a game-changer, fueling business growth and prosperity. Similar to personal loans, they offer flexibility and tailored repayment plans, empowering you to succeed. With fixed interest rates based on your creditworthiness, commercial loans are the key to unlocking your business’s full potential.

What are the current financial challenges facing businesses?

British business owners have displayed remarkable resilience and entrepreneurial spirit in the face of significant challenges. The impact of COVID-19, economic uncertainty, and a cost-of-living crisis have tested their mettle, making it challenging to navigate harsh trading conditions.

With consumer spending affected and inflation on the rise, ambitious businesses face limited lending options, making cash flow maintenance crucial. That said, news of the UK avoiding a recession will improve lender confidence.

How can commercial finance help businesses stay resilient?

Many businesses face the challenge of lacking funds to pursue growth opportunities like acquiring equipment, expanding premises, or hiring key personnel. Despite their ambitions, their immediate finances need improving. Crucially, by securing the right commercial finance solution, you can overcome these obstacles and take the crucial next step towards growth.

What signs might indicate a need for financial support?

Signs that a business may require a commercial financing solution include insufficient funds for critical investments or struggles in meeting financial obligations. At G&S Financial Solutions, we offer tailored financing options to address these needs and help businesses achieve financial stability and growth. 

Why use a specialist commercial finance broker?

A specialist commercial broker offers impartial advice and access to a wide network of commercial lenders and private banks. These lenders are actively looking to support viable business propositions, providing a genuine alternative to traditional high street lenders.

If your bank falls short in offering the support you need, a specialist broker can help. By quickly assessing available options, a commercial broker will find a workable and affordable business solution.

How do you help businesses secure the proper funding?

At G&S Financial Solutions, we offer a wide range of financing solutions to support businesses needing financial assistance. We offer Commercial Mortgages, Property Development Finance, Business Loans, Short-Term ‘Bridging’ Finance, Factoring, Equipment Leasing, and guidance on Grant Funding and the Government Enterprise Finance Guarantee Scheme (EFGS).  

With a track record of securing funding where others fail, we help clients save significant amounts of money over the course of the loan. Many specialist lenders in the current market prefer to work with qualified and packaged mortgage and loan proposals from brokers like us.

Every business is unique. We take a tailored approach to match the right lending option to their specific needs and goals. Our expertise and personalised guidance empower businesses to make informed decisions and confidently pursue financial success.

Perhaps you’re buying or starting a business, securing long-term capital for commercial property, funding a project, or exploring alternative financing. Whatever your circumstances we can match you to the right commerical finance solution.

Tell us how you’ve helped a client achieve financial stability. 

We recently helped a group of companies facing credit finance issues by implementing an invoice factoring solution in collaboration with a trusted lender. By leveraging their outstanding invoices, we were able to give the client access to immediate working capital.

In this scenario, invoice factoring proved effective in improving cash flow, alleviating financial strain, and ensuring timely payment of staff. The solution brought ongoing stability by relieving the firm of invoice collection and management responsibilities. The company could concentrate on core operations and growth. Ultimately, invoice factoring addressed the financial challenges and delivered long-term stability, empowering the enterprises to regain control of their finances.

What factors should be considered if pursuing commercial finance?

It is crucial to consider several factors. Gaining a thorough understanding of your recent accounts is a must. Doing this, will allow us to assess your financial situation and identify any challenges. We recommend consulting with your accountant who will provide valuable insights and help paint a clear picture of your company’s financial landscape.

At G&S Financial Solutions, we believe in doing right by the customer. We’re open to clients seeking other opinions. There is a funding solution for almost everyone, and we are committed to helping businesses find the right one.

What sets you apart and makes your services unique? 

At G&S Financial Solutions, we focus on trust, transparency, and comprehensive guidance. Ensuring our clients understand the options and potential outcomes is critical. The commercial financing industry lacks the same regulatory framework as personal finance, we uphold the same high standards.

We are qualified and regulated by the Financial Conduct Authority to offer Residential funding solutions. And we take the same approach on the Commercial side, ensuring that our clients receive expert advice and guidance. We believe in doing the right thing, always acting in our client’s best interests. 


By working with commercial finance brokers like G&S Financial Solutions, Grenfell James can support you to revolutionise your business finances. Connect with Liam Chandler on LinkedIn or call 07833 303 776 for a no-obligation chat – tell him we sent you!

Grenfell James Technology Adoption Index

How does your business perform against others adopting financial tech? Find out with our interactive diagnostic:

1.

How does your business receive invoices?

A)

Invoices are mainly received in paper form

B)

Invoices are mainly received by email

C)

Invoices are emailed then automatically forwarded to a designated mailbox

2.

How are purchase invoices processed?

A)

Invoices are entered manually

B)

Invoices are attached to manually raised invoices

C)

Automated software (e.g. ReceiptBank, 1Tap, HubDoc etc) collates invoices

3.

How are accounts processed?

A)

Using Excel/paper-based

B)

Using Computer-based, offline software

C)

Using cloud-based accountancy software

4.

How often is business data revised?

A)

Data is updated annually

B)

Data is updated quarterly

C)

Data is updated monthly or more often

5.

How is banking updated for your business?

A)

Banking is updated manually

B)

Banking is updated by imports

C)

Banking is updated via a live feed

6.

How are bank payments made?

A)

Bank payments are manual

B)

Bank payments are made using bulk imports

C)

Bank payments are made directly via accounting software

7.

How are bank receipts reconciled?

A)

Receipts are chased and reconciled manually

B)

Receipts are chased and reconciled automatically

C)

A third-party platform is used to chase debts and collect fees

8.

How often are management reports produced?

A)

No reports are provided

B)

Reports are provided but often too late to be valuable

C)

Reports are automated with real-time information

Score 8-12:

Curious Exploration

Your financial technology phase is Curious Exploration

% of respondent businesses are in this phase too.

Switching accountancy systems may seem like an upheaval, but can be much more straightforward than most businesses imagine. From talking to our clients, they have found moving from paper invoicing and desktop-based accounting software to the cloud and apps quickly makes the transition process a worthwhile investment of time. Digital accounting solutions bring in streamlined processes, up-to-date business data and greater confidence in the accuracy of information when making financial decisions.

Grenfell James works with your team to fully assess the needs of your business and minimise the impact of any transitions for solutions we recommend.

Find out more about App Advisory

More

Score 13-19:

Measured Discovery

Your financial technology phase is Measured Discovery

% of respondent businesses are in this phase too.

Once cloud accountancy software is in place, there’s still plenty of scope to improve your accountancy processes and make sure your business is maximising the benefits of adopting a digital accounting solution. Grenfell James assesses each business to understand how any implemented solutions are being used, identify areas for improvement and the needs of the business overall to support your business goals and achieve success.

Our team of experts can discuss a range of time-saving automation and get different apps and cloud-based solutions talking to create and manage a digital accountancy eco-system to help your business grow.

Find out more about App Advisory

More

Score 20-24:

Bold Innovation

Your financial technology phase is Bold Innovation

% of respondent businesses are in this phase too.

You know the benefits of accounting technology and the impact it can have on your business goals. If you want to take it a step further, our team can conduct a systematic review of your processes, apps and business goals to ensure your digital accountancy ecosystem is keeping pace with the changing needs of a growing business.