Business Succession and Exit Planning – What You Need To Know
What is Business Succession and Exit Planning?
Succession and Exit Planning is a business strategy available to business owners to assist them in assessing the most appropriate (and valuable) exit options available to them and in designing a succession plan for achieving their preferred outcomes.
Succession Planning must be focused around 3 important factors:
- Exit readiness and value maximisation for the business;
- Personal and family wealth management to fund retirement and provide for future generations;
- Life after business – preparing the owner (and often their family) for what might be several years of retirement.
Focus on these three critical aspects should ensure we’re able to maximise the value of business, achieve a successful exit and guarantee retirement funding and peace of mind for the owner.