Business Succession Planning

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Businesses around the globe always plan ahead for the future. For great entrepreneurs every new day is a new dawn when planning is considered. Business prospers and flourishes through good leadership and governance. But leaders are not constant always no matter how big the contribution is due to certain inevitable circumstances. Businesses therefore have to think well in advanced who will be the next successor matching those skills and expertise. The purpose here is to ensure continuity of the organization's performance so that if key people leave, the organization can continue to fulfill its goals and carry out day-to-day operations with minimal disruption.

Business succession in UAE

According to a leading news agency Gulf News ‘95% of the business owners in UAE have no succession plans’. Business owners in UAE are unaware of the risk and complications their employee and family would face in case of their sudden demise or sudden retirement especially if you are an expatriate. Other important aspect to consider is knowing the UAE law with respect to succession. As a precaution, it is always recommended to plan and draft the transfer documents for a smooth succession.