3 Key Business Succession and Exit Planning Messages - Succession Plus

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3 Key Business Succession and Exit Planning Messages

Business Owners

3 Key Business Succession and Exit Planning Messages

By , January 30, 2017

According to an August 2016 survey by PWC – The Missing Middle: Bridging the Strategy Gap in US Family Firms – nearly 44% of those surveyed say that succession planning will be a “challenge” within 5 years and just 23% have a robust, documented succession plan in place.

Some interesting changes have also occurred in terms of the exit option preferences of the owners. 41% plan to pass the business on to the next generation (down from 52 % in 2012) and 30% wish to sell to an outside party (up dramatically from 12% in 2012).

Overall, this highlights three key messages:

  1. Start now – good strategy takes time.
  2. Sale/Investor/Exit readiness is smart for all business owners.
  3. The missing middle is the gap between current reality and future goals/outcomes – it does not close without attention.
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.