There’s a difficult issue many business owners will face, and that is, letting go of the reins. At some stage in life this is inevitable. After building your business and putting so much hard work into it, it’s understandable that you’ll find it hard to let go.
For caring succession planning in Malvern East, you need help from the qualified partners at Ruth Watson and Associates.
You need this help for several important reasons:
- Preparing your mindset
- Ticking all the boxes of the process
- Maximising the sale price
- Minimising the tax
We’ve helped many clients make succession plans and understand what it’s like. Our expertise includes guiding and assisting business owners to take control of their future and the future of their company. We know the complications that can arise and can support you through every step of the process.
- Assisting with the initial review
- Negotiating commercial contracts
- Maximising the value of your company
We work closely with you taking care of the financial details so you can focus on value drivers.
Making the right succession plan
A succession plan doesn’t have to mean selling your business to a stranger. It may not even mean selling it at all. There are many directions you can take with your succession plan.
The options include:
- Handing it down to family
- Handing it over to an employee
- Handing it over to a business partner
- Selling just the building (if you own it) and leasing the business to create income in retirement
- Selling just the business and leasing the building (if you own it) to create retirement income
Succession planning with the partners at Ruth Watson and Associates will help you successfully and more easily transfer your business to a successor.
When do you start succession planning?
It’s a mistake holding off succession planning until you’re ready to hand over your business. A succession plan should be looked at well before that to help your future needs. It will also help the person who you’ll be handing it over to. They will have the valuable time they need to prepare for their present and future work responsibilities.
When you decide on the successor, ensure they have the skills and desire to take over the business.
Have a valuation done on your business on a regular basis to keep up with it’s current worth.
Make your plan comprehensive, including;
- Deciding who your planned successor is
- Covering off the operational side of the handover, and your successor’s responsibilities
- Covering off the financial side, such as the market value and financial implications
- Training programs for your successor and change management training for the organisation
- Legal aspects in relation to ownership, any changes in business structure, changes or transfers of licences or registrations
For the best succession planning in Malvern East, speak with our team. We’ll work closely with you to develop a successful plan.
Choose the experts at Ruth Watson and Associates
Your first plan is to choose the right people to help you. With the caring team at Ruth Watson and Associates, you’ll be equipped to build a solid succession plan for a rewarding financial future.
We will ensure:
- Your succession plan is achievable
- There’s a realistic timetable with measurable milestones on the journey
- A solid timeline highlighting the transfer of responsibilities
- Solid communication strategies
- Solid risk management strategies
- You minimise your tax
- You secure any future income
- The smoothest transition possible
The partners at Ruth Watson and Associates can help identify financial risks and opportunities, tick all the boxes, and make sure everything’s been accounted for.