It is best practice for business owners to protect the lifetime of their business well beyond its current operation and ownership structure.
Exiting the business is a given- the real question is when and how?
Formulation of strategies and managing them is the key to providing a planned exit of the business. No matter which exit strategy you choose, planning, managing and executing your business succession properly, will see you exiting the business easily and profitably.
Business succession means many different things for different business structures. For public companies and for privately-held companies where ownership is continuous, the focus of succession is on the development, retention, growth, and promotion of talent. For small businesses, where ownership does not rest in the same hands over time, business succession means something quite different.
First, succession implies an orderly hand-over by an owner to a partner or purchaser. Second, it suggests an owners’ exit from their business through total or partial divestment of ownership. Third, it recognises the passing of the management baton.
With retirement on the mind of many small business owners, succession is an important issue. In the past it was also an issue which was ignored, deferred, or both. Why?
Small business owners are often emotionally engaged with their business and find it difficult to consider that the business can be operated successfully by another person.
For some, the choice of a successor is not clear-cut, particularly when partners and family are involved and the choice of one successor may result in conflicts with others interested in the business. Most small business owners simply do not know what to do.
Whitelaw McDonald have an established group of professionals who are able to assit small business owners implement strategies for your succession planning
Call us today to discuss your requirements on (02) 4941 8999.