Business succession planning and estate planning are the link

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Business Wealth and Family Wealth – Business succession planning and estate planning are the link


Business Wealth and Family Wealth – Business succession planning and estate planning are the link

By , September 14, 2009

Recent work with clients has again highlighted the need to coordinate business succession planning and estate planning to achieve client outcomes. Much of our work is focused on identifying and then maximising business value and wealth – we are often able to dramatically improve business valuations by improving business performance through benchmarking and implementation of employee share plans and incentive schemes to attract, motivate and retain key people within the business. The ability of business owners to focus on a small slice of a much larger pie contributes dramatically to the asset that is their business wealth. By utilising family wealth planning strategies at the same time we are able to protect that wealth and as we extract wealth from the business it can be invested externally to maximise returns. For many business owners the diversification into other asset classes is totally new – much of their wealth is often tied up in their primary asset – the family business – this change alone can have a dramatic effect on wealth planning.

The addition of estate planning tools to protect wealth and importantly to provide the two outcomes we most regularly hear from clients – continuity and ongoing success of the business ( including its employees) and providing for future generations – provide business owners with a coordinated succession and estate plan and ultimately peace of mind.

Craig West

Craig West

Managing Director | Succession Plus

Craig West is a strategic accountant who has over 20 years’ experience advising business owners. His background as a CPA in public practice, provided invaluable experience in the key issues of concern to business owners. Following 6 years of study to gain two masters degrees, Craig focused on Capital Gains Tax (CGT) for business sales advising on strategic management of tax issues. This experience formed a very strong view that business owners (and often their advisers) were unprepared and unaware of the steps required to prepare a business for exit.

Craig now acts as a strategic mentor for mid-market business owners and has written four critically acclaimed books on employee incentives, succession planning, asset protection and exit strategies. Craig has conducted numerous seminars and keynote presentations throughout Australia & internationally, including adviser education programs for the Institute of Chartered Accountants and CPA Australia.

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