Succession Planning

Given the following statistics:

• 51% of business owners plan to use their business as their primary source of retirement
• Average business owner today is 56
• 55% of business exits are through death, disability, bankruptcy, receivership or simply close the doors

It is little wonder current business owners are looking for effective and efficient ways to help them exit their business profitably and appropriately.

For many owners, the value locked-up within their business is their second largest asset behind the family home (and in some cases it is even more valuable than the family home) and for more than half of small business owners in Australia, it is intended as their primary source of funding for their retirement.

Therefore, planning for the day you leave your business is a valuable investment. Whether you decide to sell up, retire or have to get out of business due to health reasons, it's important that you spend the time with your family and/or your business partners and plan what you are going to do. A succession or exit plan can help you outline what will happen and who will take over your business when you leave.

A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs.

 Our process determines your business valuation and provides mentoring and advice to ensure that valuation matches your financial needs as a business owner. For for more information on how we can help you with Succession Planning, please call us on 02 4365 0377 for an obligation free appointment

Make sure your succession plan is attainable - set a realistic timetable and measurable milestones along the way and stick to them.