If you’re a business owner, at some point you’ll want to retire. Having a succession plan ensures the smooth transition of ownership for business continuation, which affects your employees, clients and stakeholders. A strong succession plan provides a solid platform for sustainable business growth and development after you retire.
Succession planning is vital for families who want to pass on the business to the next generation. The transition often comes with additional challenges, such as avoiding conflict by ensuring fair treatment for all family members concerned.
Set goals and objectives which focus on developing a win / win situation.
Establish what your business is worth and when you’d like to retire.
Consider how you want to pass on your business to your successors.
Identify potential successors and opportunities to support them through the process.
Talk to your family members or stakeholders about succession.
Every business has a unique set of circumstances to negotiate when transferring ownership. We’ll work through the details to achieve the best outcome for you and your successors, so you have an agreement that’s fair for all, reflects the value of your business and minimises taxes.
Contact the friendly team at Borrie Financial Group Ltd today to find out how we can help you achieve your financial goals.