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Succession is also about someone’s entry as a business leader or owner

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Succession is also about someone’s entry as a business leader or owner

By , August 13, 2009

By refusing to retire to allow a renewal of the government, Mr Howard had failed as leader: “Leadership’s also about your departure, you know,” Peter Costello told the Herald.

Obviously bitter about the result – but the message is clear for business owners as well – hold on for too long at your peril !

Don’t forget whilst succession planning is often about your exit – it is also about the entry of your successor and both need to be managed carefully. The ongoing continuity of your business is one of the key outsomes we must be focusing our planning towards and this is greatly enhanced by:

Not hanging on too long
Identifying the right / best successor
Grooming the successor
Ensuring a smooth handover / transition
Communicating all of the above clearly to all stakeholders.

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.