Exit planning a key focus – NSW Small Business Commissioner’s 2011 Listening Tour Report - Succession Plus

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Exit planning a key focus – NSW Small Business Commissioner’s 2011 Listening Tour Report

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Exit planning a key focus – NSW Small Business Commissioner’s 2011 Listening Tour Report

By , February 1, 2012

MANY BABY BOOMERS’ REPORTED BEING READY TO RETIRE ALTHOUGH THEY HAD NO DEFINED STRATEGY ON HOW TO EXIT THEIR BUSINESS.

7. Planning for the future

Succession planning and exit strategies were raised as a critical policy issue with the ageing population. Many ‘baby boomers’ reported being ready to retire although they had no defined strategy on how to exit their business. Concern was dominant in regional areas where family members are increasingly pursuing other options, rather than taking over the family business.

ACTION: The Small Business Commissioner will develop ways to help small business operators access the information and assistance they need to successfully manage exiting their businesses.

to view the entire report click here

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.