Where to find professional succession planning near Chadstone?
Planning ahead for who takes over your business when you retire, is not as straight forward as it sounds. For a start, there are a lot of emotions involved. This is understandable. It’s a business you’ve worked hard to build up. You know it intimately. Along with this, planning for a successor is a very complex financial process.
You need professional help for several reasons:
- Preparing your mindset
- Ticking all the boxes of the process
- Maximising the sale price
- Minimising the tax
Ruth Watson and Associates have helped many clients with their business succession plans. We can help ease the burden and stress.
- Assisting with the initial review
- Negotiating commercial contracts
- Maximising the value of your company
Our experts work closely with you on the financial details so you can focus on value drivers.
What is the right succession plan for you?
You’ll need to think carefully about what you do with your business when you retire. There are many different options you can choose.
- Selling just the building (if you own it) and leasing the business to create retirement income
- Selling just the business and leasing the building (if you own it) to create retirement income
- Handing it all over to a business partner
- Handing it all over to an employee
- Handing it all down to family
Choosing a suitable successor is not something you should do without professional advice. You need the best succession planning near Chadstone. Ruth Watson and Associates will help you through the entire process to maximise your benefits.
Don’t put off your succession planning until the last minute
A mistake many business owners make is putting off their succession plan until the day they decide to retire, or an unplanned event triggers the need. This is a mistake for several reasons. The process is involved, complex, and there are tax implications. It must be planned well in advance.
Planning now will also give your successor the valuable time needed to prepare for the future work responsibilities.
Ruth Watson and Associates will help guide you as you choose your successor. A key factor to keep in mind is choosing someone who has both the skills and desire to take over your business.
Ways our team can help you, include:
Guidance choosing the appropriate successor
- The operational side of the handover, and your successor’s responsibilities
- The financial side, such as the market value and financial implications
- Engaging any training programs for your successor and change management training for the organisation
- Legal aspects related to ownership, changes in business structure, changes or transfers of licences or registrations
As part of your plan, we can have a regular valuation done on your business to keep up with what it’s worth.
For the best succession planning near Chadstone, speak with our team.
Getting started with Ruth Watson and Associates
The very first step is choosing the right team to help you. The professionals at Ruth Watson and Associates care about the outcome. We’ll walk beside you during the journey, in order to build a solid succession plan for a rewarding financial future.
We will ensure:
- Your succession plan is one that can be achieved
- There’s a realistic timetable with measurable milestones on the journey
- A timeline highlighting the transfer of responsibilities
- Solid communication strategies
- Solid risk management strategies
- Your tax is minimised
- Any future income is as secure as possible
- The transition is as smooth as possible
Ruth Watson and Associates can help identify financial risks and opportunities, tick all the boxes, and make sure everything’s been accounted for.
Contact our team today.