PLAN AND SECURE THE FUTURE OF YOUR BUSINESS
Too often, we see business owners presume that:
- 'business succession' is another word for 'retirement'...
- succession planning is something they will deal with, 'one day'... a 'to do' item that is never done.
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:
- Large business
- Medium business
- Small business
- Family business
- Privately-owned business
- Entities with a controlling interest in a publicly-listed business.
If you run a business, you can't afford business succession to be something you never get around to.
Click here to read about the importance of planning for the future.
'I'll worry about it once I'm close to retiring...'
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:
- Identifying the capital value, worth and market price of your business
- Managing the wealth it generates
- Identifying and finalising how it will continue to operate in the future.
Maddens Lawyers has extensive experience working with businesses of all sizes and structures to ensure an efficient and effective succession plan.
"Succession is about ensuring a business can continue to operate and prosper regardless of the person who is at the helm of the organisation or operation."
Contact Maddens Lawyers' Business Succession Experts:
Robert ColeCommercial Lawyer, Principal
PH: 03 5560 2000
Fiona GiblinCommercial Lawyer, Principal
Law Institute of Victoria Accredited Specialist - Business Law, PH: 03 5560 2000
Erol ChakirCommercial Lawyer, Principal
Law Institute of Victoria Accredited Specialist - Business Law, Taxation Law PH: 03 5560 2000