The best succession planning near Carnegie
As a business owner in Carnegie, there’ll come a day when you’ll want to let go of the reins and benefit from all your hard work. To do this with a favourable outcome, you need help from the best succession planning near Carnegie.
The qualified partners at Ruth Watson and Associates are the professionals you need to see, and here’s why. They can help;
- prepare you mentally for the transition
- tick all the boxes of the process
- maximise the sale price
- minimise your tax
Over the years, the partners at Ruth Watson and Associates have successfully helped business owners like you transition to retirement successfully with strategic succession planning. The biggest favour you can do for yourself, is looking at the process now.
There are often complications that can arise throughout the process, so putting it off will only be to your disadvantage.
The process includes:
- assisting with the initial review
- negotiating commercial contracts
- maximising the value of your company
The partners at Ruth Watson and Associates will look after all of this, so you can focus on value drivers.
The right succession plan
There are many different roads you can take which our partners will talk you through.
Here are some of the options:
- handing it over to family
- putting it in the hands of a trusted employee or business partner
- selling the building (if you own it) and leasing the business to create income in retirement
- selling the business and leasing the building (if you own it) to create retirement income
For expert succession planning near Carnegie, the partners at Ruth Watson and Associates are your first and only stop. We’ll help you safely navigate the process and transfer your business to a successor with maximum benefits to you in retirement.
When should you start succession planning?
We mentioned it before about starting as soon as possible. Succession planning is not the sort of thing that can wait until the last minute. Your future needs to be addressed now to maximise your benefits.
It will also help the person who you’ll be handing it over to. It will give them the time they need to prepare for their work responsibilities, both now and in the future. A key consideration in your choice of successor is someone who has the skills and desire to take over your business.
Make your plan comprehensive, including;
- regular valuations on your business to know it’s current worth
- deciding on a successor
- covering off the financial side, such as the market value and financial implications
- covering off the operational side of the handover, and your successor’s responsibilities
- training programs for your successor
- any change management training for the organisation
- legal aspects relating to ownership, changes in the structure of the business, changes or transfers of licences or registrations
For professional succession planning near Carnegie, your choice is easy.
The partners at Ruth Watson and Associates are ready to help you
The team at Ruth Watson and Associates will help develop a succession plan to reward you financially when you retire.
We’ll ensure that:
- the plan is achievable
- it’s set to a realistic timetable with milestones you can measure
- there’s a solid timeline highlighting the transfer of responsibilities
- communication strategies are available
- risk management strategies are in place
- the tax you pay is minimised and your business worth is maximised
- any possible future income is investigated and set up
By starting your planning now, the partners at Ruth Watson and Associates will identify and create a strategy for overcoming financial risks and taking advantage of opportunities. We’ll tick all the boxes, and make sure everything’s accounted for.
Reach out to the caring team at Ruth Watson and Associates today.