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Succession planning

On reading an article recently, there was a statistic that only 30% of small business operators have a written succession plan in place. What are the other 70% doing? 

At Struck Accounting, one of our strengths is to put together workable and easy to understand succession plans. These plans incorporate all family members. It is a unique opportunity for ‘Mum & Dad’ to have the family assist with a smooth transition towards retirement and introducing the fresh management skills of the next generation.

There is no ‘one size fits all’ family succession plan. All families are uniquely different.

Basic steps to your succession plan start with knowing these crucial basics.

 

  1. The current vision of all the family.
  2. The financial performance of the business.
  3. The business structures ie. loans, debts, etc.
  4. Investments and retirement strategies.
With this knowledge you can plan the necessary processes which can include:
  1. Completing family & business questionnaire.
  2. Analysing the questions (may draw in specialists).
  3. Family meeting to construct the succession plan.
  4. Implementation of the succession plan.

 

 

For an initial FREE appraisal on your proposed succession plan, please contact us or telephone Graeme Struck on 5551 3777.