Empowering Smes

The normal understanding of succession is basically what would happen within the business if something happened to the owner or CEO.   I believe that a “succession strategy” requires a far broader review of what’s happening within a business relative to succession because there should be a succession plan for virtually every position within a business.  The concept of a “succession strategy” will become far more important in the near future with the introduction of Early Stage Innovation Companies (ESIC) from 1st July 2016.   As experienced business people commence evaluating proposals for investment in ESIC, as part of their due diligence process, they will be very keen to look at: The management team. The ownership of the Intellectual Property (IP). Is the IP properly registered? Has the IP been properly documented? Have assignment of IP agreements been prepared? What is the “succession strategy”?   Is everything “locked up” in the CEO’s head or do a number of key management personnel have direct day-to-d