|
|
 |
|
|
A Graceful Exit Needs a Succession Plan to Chart its Course by tax cooloola
|
|
|
A Graceful Exit Needs a Succession Plan to Chart its Course |
|
|
|
|
|
Business
|
|
|
After spending many years building up a family business, it is a sad fact that fewer than half Australian small business owners have formal plans in place to either sell or pass on the business when they retire. If they plan to sell, there are certain processes that need to be followed to maximise the value of the business. If they plan to hand it on to family, clear and legally binding instructions are needed to avoid any power plays. This formal process is called a business succession plan. Can a Business Survive the Departure of the Owner? The last thing a business owner would want on the approach of retirement is to have the occasion spoilt by in-fighting among employees or family members over control of the business. Unfortunately, however, this is often the outcome when there has been no structured and informed approach to this inevitable event. The same thing happens if the business owner suddenly passes away without leaving instructions for the management and ownership of the business. Whether it is retirement or a sudden demise, either way there needs to be attention given right now to details. How the hand-over will be managed, who will be giving the orders and who will have the final responsibility for the on-going viability of the business, must be decided now. This is where the skills of an accountant Brisbane become invaluable. They have financial experience to bring to this process, and the ability to remove much of the emotion that will surround it. A business succession plan can be relatively simple or very complex, depending on the size and structure of the business. However, there are some elements that are common to any succession plan. These are the issues that need the most attention with assistance from a professional. Charter Partners is a firm of accounting and business advisors that has experienced people ready to start work on your succession plan. How Will Your Succession Plan Look? Any business succession plan should set down details about the structure, the current state of business strategies and priorities, and a vision for leadership roles and talent pools. Questions should be asked about the current structure and its relevance once the person in charge moves on. There may need to be changes which require legal assistance. How the business strategies fit into that structure should it change should also be pursued. Finally, a serious examination of the skills and attributes of the likely candidates will reveal any training and development needs. There are a few key principles that ensure the ongoing relevance and adaptability of any business succession plan. It should be an integral, ongoing part of business processes, and reviewed regularly. It should be linked to vision, values and strategy so that any development of specific people supports the competitive advantage it already holds. Finally, any financial constraints likely to arise as a result of the change-over should be identified and planned now, and not at the last minute. These are all areas where Charter Partners has experience and expertise. Going it alone on a business succession plan is not the best way to set yourself up for a prosperous retirement, or to look after the valuable employees who helped you get to this point. Their website at www.charterpartners.com.au details their locations and contact details, staff profiles and information about all their services.
Related Articles -
Accountant Brisbane, Charter Partners,
|
Rate This Article  |
|
|
|
|
|
Do you Agree or Disagree? Have a Comment? POST IT!
| Reader Opinions |
|
|
|
|
|
|
|
|
|
| Author Login |
|
|
 |
Advertiser Login
ADVERTISE HERE NOW!
Limited Time $60 Offer!
90 Days-1.5 Million Views
|
|
STEPHEN BYE
Steve Bye is currently a fiction writer, who published his first novel, ‘Looking Forward Through the...more
|
|
|
|
|
TIM FAY
After 60-plus years of living, I am just trying to pass down some of the information that I have lea...more
|
|
|
|
|
GENE MYERS
Author of four books and two screenplays; frequent magazine contributor. I have four other books "in...more
|
|
|
|
|
ADRIAN JOELE
I have been involved in nutrition and weight management for over 12 years and I like to share my kn...more
|
|
|
|
|
LAURA JEEVES
At LeadGenerators, we specialise in content-led Online Marketing Strategies for our clients in the t...more
|
|
|
|
|
MICHAEL BRESCIANI
Rev Bresciani is the author of two Christian books. One book is an important and concisely written b...more
|
|
|
|
|
LEVAL AINAH
I am an internet marketer and also an educator. My goal is to help others who are looking to improve...more
|
|
|
|
|
PAUL PHILIPS
For more articles, blog messages & videos and a free e-book download go to www.NewParadigm.ws your p...more
|
|
|
|
|
ALEX BELSEY
I am the editor of QUAY Magazine, a B2B publication based in the South West of the UK. I am also the...more
|
|
|
|
