(08) 9227 6300
412 Newcastle Street West Perth WA 6005
We published an article on Business Succession Planning back in June this year and with Christmas and the New Year break on the horizon, we thought it an apt time to revisit the topic.
Firstly, let’s revisit the concept of Business Succession Planning. It can be summarised as:
The reality is that business succession planning affects all businesses. It is not confined to those with two or more unrelated directors, owners or partners. It can also affect family businesses with spousal or family partnerships.
There are a number of concerns that business owners have in regard to business succession planning including:
In order to appease the above concerns, we fall back on these two relevant philosophies:
A number of our business clients have told us that they want to embark on their business succession planning but are unsure where to start. So, we flip it to the reverse.
Some of the issues and concerns to consider in your plan are:
There are two different documents that should be prepared in your planning which can be categorised as follows:
These documents are summarised as below.
We liken these documents to Wills and Enduring Power of Attorney for the end of a business relationship.
In business, it is common to get so caught up in the day-to-day operations that you think this will never happen to you. Business owners have the intent to draw up these agreements, even get the insurance in place, yet never get around to doing it. When the time comes, the agreements are not in place and chaos can ensue.
We understand this can be a difficult and delicate conversation to have with your fellow business owner/s. So, we have developed our ‘Questions to Consider for Business Succession Planning’ to try to assist business owners to talk to each other and broach the subject.
If you would like more information about Business Succession Planning please contact the AAG Team today on (08) 9227 6300 or email us at email@example.com.
Click here to download this article in PDF format.
This publication has been prepared by AustAsia Group including Accounting Services Pty Ltd (Registered Tax Agent No 7587 3005), AustAsia Financial Planning Pty Ltd (AFSL 229454) and AustAsia Legal Pty Ltd (ACN 123 160 476).
AustAsia Accounting Services Pty Ltd and AustAsia Legal Pty Ltd – Liability limited by a scheme approved under Professional Standards Legislation.
Any advice in this publication is general only and has not been tailored to your circumstances. Accordingly, reliance should not be placed on the information contained in this document as the basis for making any financial investment, insurance, or other decision. Please seek personal advice before acting on this information.
Information in this publication is accurate as at the date of writing, 3 December 2019. Some of the information may have been provided to us by third parties. While it is believed the information is accurate and reliable, the accuracy of that information is not guaranteed in any way.
Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor any member of AustAsia Group, nor their employees or directors give any warranty of accuracy, nor accept any responsibility, for any errors or omissions in this document.
Any general tax information provided in this publication is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.
Powered by BetterDocs