This is a question close to the heart of every business owner!
Yet many business owners do not adequately prepare for their exit from business and therefore the day they should realise the wealth that they have built up over their lifetime.
Departure from a business can be voluntary or involuntary.
Handing over control of a business voluntarily is not as easy as you may think. There are a range of reasons why people do nothing: from a reluctance to ‘let go’ to a fear of retirement or losing one’s identity.
Doing nothing is however more costly and more destructive in the long-term – surprisingly it is the most common approach.
Sometimes handing over control becomes necessary due to illness or disability. It is important to plan for these scenarios.
How will the business continue if you can not work? How will the business be valued if you lose capacity to manage your own financial affairs? Have you considered insurance coverage and ‘buy-sell’ agreements.
Succession planning is vital for all business owners.
If you have any questions or wish to schedule an appointment to discuss your business, call us on 08 8523 8400 or email us at firstname.lastname@example.org.