Combination of financial , retirement planning, and business strategic - Succession Plus

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Combination of financial , retirement planning, and business strategic


Combination of financial , retirement planning, and business strategic

By , February 1, 2011

Some of the most successful results we have seen with clients have come about as a result of coordination of business strategic planning, personal goal setting and financial planning. It is impossible for us to provide detailed strategic advice on business/retirement outcomes without considering all aspects of business owners’ personal situation. This includes their personal goals, retirement & lifestyle considerations and issues as well as a complete analysis of their financial position including structures, investments, liabilities, risk, assets and increasingly self-managed superannuation.

In our initial review of the business we assess risk and ultimately the current valuation and more importantly – the potential valuation after working with our advisory team to reduce risk levels and incorporate some strategic planning outcomes into the business model – we can then determine how this asset (the business) contributes to the lifestyle and financial planning goals of the business owner and their family and what needs to be done to address any gaps or shortfalls.

We have recently launched several new joint ventures as a part of this process with partners who specialise in accounting and tax advice, HR and related issues, legal services and strategic advisory to ensure clients are surrounded by a dedicated team of experts in various areas that contribute significantly to the business outcome.
Importantly, this process cannot be done overnight and again we see the most successful results where clients allowed significant time to undertake this process with coordinated advice.

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.