Succession Planning is a must for any business owner.
A Succession Plan should include:
- Continuity of family ownership of assets
- Maximisation of retirement income
- Provide a retirement income or pension for retirees
- Assist beneficiaries with financing options if required
- Tax effective result on sale or transfer of assets
- Review of appropriate insurance coverage
- Provide financial security and peace of mind
- Clarify and document the desires of all associated parties who may have conflicting opinions
- Reduce conflict and contesting of wills after death
Don’t be caught short – but don’t worry it’s never too late to start planning for tomorrow. Ensure your retirement dreams become a reality by developing a succession plan to enrich the quality of your retirement.
Succession planning is a prerequisite for anyone who owns and operates a family business or has money in superannuation. The right type of planning will ensure a smooth transition when a business is sold, upon retirement or upon death.
Ideally, a succession plan would be implemented over a five year period and be designed to encompass the desires of all associated parties for a successful outcome. Of paramount consideration is any possible financial burden on the next generation.