When your business is at the point where you’re looking to hand over the reins, a Succession Planning strategy is vital to making the right decisions for you and the longevity of your business.
Whether you’re a family business or not, good succession planning can make or break your business. Determining whether you sell up, retire, hand over to family members or existing staff, or exit the business for other reasons, a good succession plan will outline who will take over the business when you leave and incorporates planning for a smooth transition period.
A good succession plan can help guide you to make the right decisions for you and your business, and guide you through all the required issues including organisational structure changes, personnel changes, registration and legal changes, insurance, risk management, training and processes, and timetables.
Whether you’re looking at handing or selling your business to family members, employees, sell to a partner, or sell your business outright to an external prospect, talk with your trusted PJT advisor if you are considering an exit strategy so that we may help guide the process and make it as successful and trauma free as possible.
GENERAL ADVICE WARNING: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.
PJT Accountants & Business Advisors Pty Ltd CAR Number 1243046 ABN 13615402189 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361
Wayne Patten ARN 277883 is an Authorised Representative and Jodie Thompson ARN 277884, is a Limited Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361
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