Looking towards the future of your business requires effective succession planning with a 3 to 5-year outlook. This process involves discussing future goals, implications, and potential opportunities to ensure a smooth transition when the time comes. Whether you’re looking to maximise your business’s potential, extract value for the owners, or develop future leaders, it’s important to plan and provide for these outcomes in advance.
A well-considered succession plan is crucial to ensure the right people receive the value, manage tax implications, realise the business legacy, and maintain long-term leadership health.
It’s never too early to start planning. While some businesses may already have a successor in mind, a significant segment of middle-market businesses in Australia is owned by individuals nearing retirement age without a clear plan in place. Establishing a steady and progressively managed transition plan early on will provide certainty and assurance to you and future generations in an environment of continued growth and compounded wealth.
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