BUSINESS SUCCESSION PLANNING

How do I develop a succession plan?

With all the day-to-day running of our business, few have time to think ahead to retirement.

However, it is inevitable that one day you'll leave your business. Whether you decide to sell up, retire or have to get out of business 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.

Considerations include whether it is a family run business, or an independent business with long standing employees.

A good succession plan enables a smooth transition, with less likelihood of disruption to operations. By planning your exit well in advance, you can maximise the value of your business and enable it to meet future needs. You may also be increasing its possible sale price.

Importantly, you must make sure your succession plan is attainable. Start by setting a realistic timetable with measurable milestones along the way, and stick to them.

Your Crest-affiliated financial planner is able to meet with you to discuss your business succession plan. Submit your details and we’ll contact you to arrange an appointment to have a phone consultation with you.