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Advisory: Succession Planning
Over the next decade there will be a large shift in value as baby boomers retire from the workplace and look at realising the equity that they have built up in their businesses.
More than half of all small business owners in Australia plan to use their business as the primary source of funding for their retirement and this asset is generally the second largest they own (behind their main residence).
It is very important for business owners who may be looking at retirement in the future to start doing something about it now, rather than have to make rushed decisions at the last minute and risk not being in a position to maximise the value of their business on exit.
The team at Beames & Associates can assist small business owners with succession planning by considering:
- Where the business is now: the strengths, weaknesses, current staff etc
- Timeframe to retirement: how long do we have? What value do we want to realise?
- Value adding: if we want the business to be worth $X what does it need to look like? What strategies can we put in place now to maximise the value of our business?
- Tax strategy: are we structured correctly for a sale of business? This is important as there are some very generous small business tax concessions available under certain circumstances.
These are only a few of the areas of consideration relating to succession planning; if you are interested in learning more about succession planning please contact one of the team at Beames & Associates to arrange an appointment.
