Logo
Helpful Resources
  • Close

Request a Consultation

Supercharge Your Superannuation & Maximise Your Retirement Savings

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 .....

 

 

Transcript: 

Business succession isn’t always easy, and it requires careful planning. Here are 6 strategies to ensure your exit is a smooth transition.

First off, reevaluate your business goals. Take a step back and decipher what will fuel the future growth of your business. A clear view of your goals will also help you to consider potential changes in your operating structure.

Second, it’s important to evaluate your communication with stakeholders. Communication is one of the biggest threats to a smooth transition of a business between owners.

Third, begin your strategic planning. Take a holistic view of where your business is today in order to guide where you want to be tomorrow. Strategic planning should include a mission statement, measurable goals, and strategies to help you achieve those goals.

Next, evaluate your business structure and consider the tax implications of your succession. It’s important to remember that the structure of your business can have a big impact on taxation. A succession plan should also include an updated business valuation. With a true and accurate understanding of your business’s value, you can set realistic long-term goals.

Finally, your succession planning process isn’t complete until you prepare successors to fill important roles. Find future leaders with the potential and capacity to carry on what you’ve started. Succession planning requires time and dedication, but is essential if you’re going to enjoy a smooth exit from your business.

 

New Call-to-action

Could Your Business Benefit from an Outsourced CFO?

Set your business on the right path with this simple guide.

Could Your Business Benefit From an Outsources CFO_Resources

Prospective Business Owner - Succession Checklist

Make sure you’re on the right track with this online checklist.

Business Owner - Succession Checklist_Resources
Have a question for Marc Walsh?

Connect with the author of this post and they'll get back to you.

close (1)