Have you ever thought about who you will leave your business to when you retire?
It is inevitable that due to health reasons, unforeseen accidents or family commitments, one day you will leave your business. In such times you want to make sure you have a comprehensive plan in place.
A good succession plan ensures your business will transition smoothly and you can retire when you are ready. Identifying the best strategies to achieve the outcome you want is central to a good succession strategy. You may choose family members to take over, identify employees to step up or look externally for worthy buyers.
At Johnsons MME we have been helping families and business owners plan the future for over sixty years. We know people too and understand that working through a succession planning process can cause some friction. Good planning can alleviate uncertainty and avoid costly disputes. We work with you to identify your needs and match them with business objectives, ensuring your succession plan is achievable and realistic with the least possible stress.
Don’t be left behind
In Australia, we will see considerable social change leading up to around 2020 as the largest cohort of baby boomers transition to retirement. This may see many business owners left behind in the rush to divest of their businesses. If you have not planned for succession, you may get left behind in the rush. As legendary racehorse trainer Colin Hayes once said,
“The future belongs to those who plan for it.”
A snapshot of the issues we work through on a typical business succession planning project includes:
- How to maximise the value of business assets;
- Review of business trading structures;
- Currency and suitability of your will;
- Suitability of testamentary trusts to protect your assets and minimise stamp duty;
- Transfer of control processes;
- Centrelink implications;
- The legalities of transfer of ownership;
- Identification of future lifestyle aspirations;
- Financial planning to protect your wealth.
Make an appointment today to get your succession plan in order.