While essential to any business, succession plans are often an after-thought, or left at the bottom of the to-do list for business owners. The impact of a poorly planned succession can be substantial in terms of administrative and compliance costs, as well as damaging to personal and professional relationships. It is important to plan for the future, to provide certainty and assurance to you, your family and your business.
We understand that every business is unique and every family has their own personal objectives and business goals. While you cannot overcome an unexpected event, having a succession plan in place to ensure that these contingencies are considered, will assist you to successfully move on from your business and transition with minimal stress.
Common events that can disrupt the continuity of a business:
- Unexpected death, illness or injury of family members
- Changing market conditions
- Poor taxation planning
- Family disputes
- Complex corporate structures
Business owners that plan a well-considered succession enjoy greater benefits, both financially and personally. Some key benefits of having a succession plan include:
- Growth and maximisation of business capital value
- Allowing business owners to be actively involved in their business for as long as they want, ensuring they continue to make a valuable contribution
- Assurance that wealth is protected by the next generation
- Ability to provide continuity, profitability and value, by transferring the business to the next generation
If you’re serious about future proofing your business, our team of professionals are here to assist you to plan ahead and pave the way to enable a smooth transition that is in line with your business goals.