Succession Planning

Nobody likes to think about it, but it’s inevitable that one day you’ll leave your business. Whether you decide to sell up, retire or leave due to health reasons, it’s important that you plan for that day. A succession (or exit) plan outlines who will take over your business when you leave.

A good succession plan will help your business transition smoothly to the new owner. By planning your exit early, you can maximise the value of your business and help it to meet future needs.

Make sure your succession plan is achievable. Set a realistic timetable and measurable milestones along the way and stick to them.

Retention planning – keep it in the family

Many owners choose to keep the business in the family when they leave. If you plan to transfer your business to a family member you need to consider the legal obligations as well as the impact on family relationships.

Buy-sell agreements

Buy-sell agreements are legally binding contracts which control when owners can sell their interests, who can buy an owner’s interest, and at what price. They are mostly used to ensure the smooth continuation of a business after a potentially disruptive event, such as an owner’s retirement, incapacity, or death.

Give us a call to organise your succession plan today.

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Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.

The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.

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