Succession & Transition Planning

There is more to succession than selling

Many people go into business without thinking about an exit strategy or the "what if" situation.

Succession planning helps businesses continue to function even through times of crisis. Sudden death, serious illness or other unpredictable events can cause mayhem amongst business owners and/or families leaving the business unprotected.

Succession planning is also important for when you decide it's time to carry out your exit strategy, after all no one wants to work forever. In either case, it's important to have a thought out and thorough succession plan in place to ensure a smooth transition and that control of the company is handed over to the right people.

Succession is more than just selling, its about sustainability and handing over through careful management of the right areas of the business. This way you protect the value you have created while being in business.

Development of a succession plan can have many personal, family and financial benefits including:

  • Securing the business's assets
  • Improved relationships between business stakeholders
  • More financial security for business owners, with better possibility of growth
  • Easing the generational changeover for family businesses
  • A succession plan is a living document
  • Tax minimisation through long term planning
  • A evolving plan that protects and ensures wealth and you get out what you have put in
  • highlights of potential business risks and also areas the business underperforms

What we can do for you:

  • Determine wants and needs and improve internal relations with best plan forward
  • Maxmising your business worth
  • Planning and strategising the best option for you
  • Relinquishing management and control of a business to a successor
  • Transfer ownership of the assets
  • Structuring business succession for tax advantage

If you are unsure of your potential Succession options and would like to know more, contact us for a confidential discussion. It could be the best decision you make. Lets ensure you get out what you have put in during your time in business.