Succession Planning

Sucession Planning
Business Continuity

Just about every business owner will at one point have to step away from the daily management nitty-gritty and hand over the reins of his business to a trusted associate.

Remember, although you exit the business, there are other stakeholders like family, employees, vendors and customers who still rely on your business.

A Succession may be brought about by:
  • Retirement
  • Sale
  • Health
  • Deceased Estate

Without leaving things to chance, starting early with a gradually managed transition will bring confidence to your employees, vendors and customers in the effectiveness of the new management.

What does the plan involve?
  • Timing of transfer of Assets
  • Ownership of asset by trust Deed, will, business succession agreement
  • Periodic review of the succession plan to account for changing circumstances like tax law or marriage
  • Minimising Capital Gains Tax & Maximise small business tax concessions
  • Locating potential buyers or external management
  • Analysing the potential for a management buy-out, trade sale or public listing
  • Ensuring that accumulated wealth is separately and safely protected
  • Ensuring that wills are set up to properly deal with the business
  • Structuring life insurance policies and dealing with risk management issues
  • Communication, addressing stakeholder concerns goal setting, managing obstacles
  • The key elements to deliver this successful outcome are a combination of – Succession Planning, Valuation, Employee Share Ownership Plans (ESOP), Strategic Planning and Capital Gains Tax (CGT)
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