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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Strategy, Business, Business Succession - 4 min read
What will happen to your business when you no longer stand at the helm? The end of your tenure may occur for several different reasons, whether it’s pursuing new opportunities, facing sickness or disability, or retiring and spending your time travelling.
Whatever your reason for pulling up stumps, a business succession strategy gives you a far better chance of a smooth and financially effective transition of ownership.
In this blog post, we’ll look at some of the important questions to ask yourself as you develop your business succession strategy.
In simple terms, a business succession strategy is a business owner’s exit plan. When it’s well-constructed and executed, a business succession strategy facilitates a smooth departure from the business and can help business owners to achieve their financial goals, both for their businesses and for themselves personally.
Because you never know what life has in store for you, it’s wise to start working on your business succession strategy many years before you plan on actually making your exit. This is helpful for several reasons.
First, you never know if illness or death will interfere with your life’s plans. Second, it may take many years to effectively execute your plan, especially if your plan involves training up your successor.
Some of the reasons for having a business succession strategy are obvious. For example, you don’t want to leave your business leaderless or without guidance if something should happen to you.
Other reasons are less obvious. For instance, a well-constructed business succession strategy can actually help your business to run more effectively today. It helps key stakeholders to understand how business assets are owned and controlled, and when this information is clearly laid out, your business may have more flexibility for ownership and the changes that result from growth and expansion.
Succession plans are also important in securing your own future as well as the futures of those who depend on you. Having a plan for selling your business or providing for your retirement will bring you peace of mind and security for your future.
As you approach business succession planning, keep in mind that a comprehensive plan should include the following key elements:
Without a strategy that includes all of these elements, your succession may be subject to too much risk.
Even if you’re familiar with business succession and all that it implies, it can be extremely helpful to use an adviser to clarify your business succession goals and to future-proof your business. Business owners are so thoroughly integrated into the daily operations of their businesses and the history behind the operation that it can be difficult to take a long-term view.
An adviser can also help you to work out the logistics and to consider legal, financial and tax implications that may have changed in recent years.
Many people are surprised at how long business succession can take, so don’t delay this important part of your business responsibilities. Get some help with your succession strategy by contacting us at Altus Financial. We can help you to construct your strategy and begin to put all the pieces in place.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
© 2022 Altus Financial, All rights reserved.
Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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