As business owners plan to retire from their business, to ensure the long term success of the business, it is critical to establish a well designed succession plan. Co-ordination of the transition of your business to your successors can be an arduous process. However, with LBW Chartered Accountants years of experience we can address the complex issues of business continuation, taking the stress off your shoulders.
Succession planning is important for a variety of reasons, including retirement, transition of business into the next generation, or exit for other reasons such as health issues of the principals. Options could include selling the business to third parties, buy out by management or employees, mergers or transfers to family members.
There are a wide range of taxation and financial issues that need to be considered when dealing with a comprehensive succession plan, with the important issues of maximising the value of the business and ensuring the business continues successfully. In addition a succession plan needs to respond to the unique interpersonal relationships in each family group.
We advise that you should start developing a plan during the years well before you plan to exit, so there is no immediate pressure for answers or action. This allows sufficient time to consider every available option, maximise the exit price and ensure a smooth succession.
Succession plans combine business valuation, estate planning, superannuation, advanced taxation and financial planning.
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Download - LBW Succession Planning Brochure
