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What is Succession Planning?
Succession planning (sometimes called exit strategies) is the process of transferring the ownership and management of the business from the existing owners and managers to the next.
From a business owner’s perspective, exit strategies are a core component of succession that may take many forms, including:
- Trade Sale
- Management buy-out or buy-in
- Selling the business to family members
- Floating on the ASX
- Introducing outside shareholders in return for private equity
How does it help me?
Proper planning is crucial to a successful business succession. There are many issues to consider ensuring you exit the business in a commercial and tax-effective manner. Three to five years of planning is typically required to maximise the value of the business and the vendor’s wealth.
Family-owned businesses often have their own unique set of issues when dealing with succession. WHK are specialists in this area.
How do we do it?
WHK Cairns regularly works with business owners to provide independent advice to all their stakeholders. We have the history and knowledge to provide the necessary commercial and taxation advice, as well as the ‘people’ issues that are implicit in succession planning for family-owned or privately held businesses.
What do I get? The outcome is a documented succession plan that includes:
- Your objectives
- Suitable management candidates (if applicable)
- Impacts of post-succession
- Ownership succession issues
The succession covers:
- What strategies are currently in place or contemplated
- What options the owner has for themselves and their business
- The agreed solutions
- A plan to communicate and implement the agreed solutions
The succession plan is reviewed regularly to ensure it remains relevant.
Why choose WHK?
Our people have a broad understanding in advising business owners, and the experience to know what works and what doesn’t. More so, it is about understanding your circumstances and objectives. WHK Cairns is committed to providing practical and relevant advice to you. We are focused on serving the needs of our business owner and are passionate about it. As a client of WHK Cairns you can also take advantage of our national and international offices around the world. | 