Planning is most effective when the owner is still in control
Succession means different things to different business owners. Each owner faces their own issues surrounding their business, their family and their future. With proper planning and guidance, a sensible path can be developed and followed.
We are often asked:
- I am in my mid-50’s. What is the right age to exit the business?
- I have some good managers. Do I have to give them equity?
- This business was started by my Dad. Should I hang on to give this to my kids? Should they buy it?
- If I decided to sell in a few years time, what should I do now to get a better outcome?
- What will the family think if I decide to sell the business?
And we hear stories like:
- My son is a great kid. He is only 24 but I think he could run this one day. The problem is that I don’t know how best to guide his career.
- I don’t really know what the business is worth or who might buy it. I don’t even know how much money I would need to retire on. It’s just easier not to think about it.
- Frankly, I am working 80 hours or more a week. I have tried putting in a CEO before but that was a disaster. How could succession be possible? What would I do with my time anyway?
- The business is my superannuation!
With proper planning and guidance, a sensible path can be developed and followed. Read more below…
Download: Succession planning guide