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.
The reality is that succession planning is something business owners should address even before they start a business, and continue to address as their business continues. If you run a business, you can’t afford business succession to be something you never get around to. 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.
Business succession must be a consideration of anyone with a:
- small, medium or large business
- family business
- privately-owned business
- controlling interest in a publicly-listed business.
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.