The reality is succession planning is something business owners should address even before they start a business - and continue to address as their business continues.
Business succession must be a consideration of anyone with a:
If you run a business, you can't afford business succession to be something you never get around to.
A common misconception is that the word, 'succession', is interchangeable with the concept of 'retirement'. Whilst this is undoubtedly a component of business succession planning, it should not be the focus.
Succession is more about ensuring a business can continue to operate and prosper regardless of the person who is at the helm of the organisation or operation.
Succession planning isn't just something that a person approaching retirement age should consider. Anyone who has founded, owned or has a financial stake in a business should consider it a key focus.
In planning the future of your business, you need to think about:
PH: 03 5560 2000
Law Institute of Victoria Accredited Specialist - Business Law, PH: 03 5560 2000
Law Institute of Victoria Accredited Specialist - Business Law, Taxation Law PH: 03 5560 2000