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Latest articles, news and resources written by our team, for our clients. Check it out.

Planning for the future: Create a succession plan for your Tauranga business

on January 16, 2025 / by Ingham Mora

Do you have a business succession plan? We can help you create a plan for yourself outside of your business.
The words ‘succession planning’ are in a frame next to a laptop.

Owning a business is filled with challenges, triumphs, and countless hours of hard work. But as much as we focus on growth and daily operations, there’s one important question that often gets left for later: What happens when it’s time to step away?

At Ingham Mora, we’ve seen first-hand how businesses in Tauranga benefit from having a solid succession plan in place. Whether you’re running a café, a landscaping business, or own an orchard a succession plan ensures your hard work continues to thrive, even after you’ve moved on.

What is succession planning?

Succession planning involves mapping out the future of your business. It clarifies your goals for an eventual transition, whether that means selling the business, passing it on to family, or finding the right leadership within the business to continue your legacy.

A successful succession plan doesn’t just focus on the numbers—it takes into account your personal, business, and family expectations. By addressing these elements, we help you create a plan that protects the value of your business while ensuring a smooth transition for everyone involved.

Why having a succession plan in place matters

In a region like Tauranga, where small and medium-sized businesses make up much of the community, succession planning is essential. It’s not just about financial returns; it’s about preserving the businesses that make Tauranga unique.

Take, for example, a wholesaling business we work with based at The Lakes. When the owners decide to retire, they don’t just want to sell — they want to ensure their staff are looked after, the culture remains intact, and their loyal customers keep coming back. By creating a detailed succession plan, they will be able to transition the business to new owners who share their vision, ensuring it remains a beloved part of the community.

What’s involved in a succession plan?

Developing a well-crafted succession plan involves several key steps:

  • Clarify your vision – What do you want for the future of your business? Do you want family to take up the baton? Do you want to stay involved in some capacity? Or are you looking for a complete exit?
  • Recognise your business’s state – Are you ready for sale now? Or, is there work you need to maximise the value prior to exit and give yourself the time to do it.
  • Get an idea of the value now – You don’t want to be surprised when you finally talk to a broker and realise there’s a value gap between what you think your business is worth and what the broker thinks they can sell it for.
  • Navigate the personal side – This can be particularly important in family run businesses. We’ll help you address this for the best outcome for all involved.
  • Build a timeline with agreed targets – It took time to grow your business. Selling well takes time also.

A man works on his laptop in his patio garden.

A Tauranga succession success

Anyone can just wake up and put their business on the market. But that doesn’t mean that will get them the best outcome – generally it won’t.

We love it when we can help clients navigate the transition of an orchard down to the next generation while managing the needs of multiple children. Or, when we help a staff member buy in so the owner can have a phased exit over multiple years – earning profits they wouldn’t have earned if they just up and sold.

The benefits of planning ahead

Developing a succession plan isn’t just about planning for the future—it’s about making smarter decisions today. With a plan in place, you’ll have greater clarity about your goals and how to achieve them. You’ll also avoid the stress and uncertainty that often come with last-minute decisions.

At Ingham Mora, we’ve seen how the right planning can make transitions seamless, ensuring the business’s value is preserved and your legacy remains intact.

Let’s talk about your succession plan

If you’re thinking about the next chapter for your business, we’re here to help. At Ingham Mora, we work closely with Tauranga business owners to create tailored succession plans that reflect their goals and protect their investments.

Whether you’re ready to start planning or just want to explore your options, contact us today. Let’s work together to ensure your hard work continues to thrive for years to come.