Succession and Exit planning message not really sinking in ! - Succession Plus

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Succession and Exit planning message not really sinking in !

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Succession and Exit planning message not really sinking in !

By , December 31, 2011

According to the recently released Smart Company WHK SME directions survey the message simply isn’t getting thru to business owners – only 35.3 % have a business exit strategy !

For at least the last 10 years advisers have been warning of the impending wave of baby boomers looking to exit and hand over their businesses – but it seems business owners have largely ignored this advice. A combination of the GFC causing business owners to hold off selling ( as the market was so bad ) or chosing to remain at the helm during bad times and the reduction in asset values means many business owners are not going to recieve the nest egg they had been expecting.

This means the great wave of exits has probably simply been delayed by a year or two.

Interestingly, a surprising number of respondents who did have an exit plan said they were simply likely to wind the business down when it came time to exit – Hardly a good strategy to maximise value !

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.