Inevitably one day you will start to consider what the future holds beyond running your business, family enterprise or farming operation. Whether you decide to sell up, retire or leave due to health reasons, it is important that you have a plan in place.
A good succession plan outlines who will take over your business when you leave and will help your business transition smoothly to the new owner. By planning your exit early, you can maximise the value of your business and make sure you have the money you need to meet your future needs.
A successful business succession plan needs a realistic timetable and measurable milestones along the way that you stick to.
Our role as your advisors in this process is to work out this timetable with your other advisors and then document the legal aspects necessary to ensure it comes to fruition.
If you are considering the future of your business and how to implement your exit or succession strategy please contact a member of the Clifford Gouldson Wills, Estates, Planning + Structuring team.
Other topics that may be of interest: