Your business is a long-term investment. If you are looking to sell, retire or hand down within the family, succession planning focuses on continued success in times of change.
Succession planning is a big-picture examination of your personal and business assets and responsibilities, and identifying how best they can be managed in times of change. It is essential to ensure your assets and entitlements are protected. It puts you in the driver’s seat allowing you to take control when a crisis hits, and minimises disputes in times of high stress.
Development of a succession plan should ideally start between three and five years before you’re looking at moving on. This allows plenty of time to put in place structures necessary to achieve your goals. In developing your succession plan, we consider all your goals – family, wealth, the business and your legacy. We ask the fundamental question ‘what do you want to achieve?’ and help you enact a plan to get you there.
Farm succession planning
For more information on farm succession planning, including how to minimise stamp duty, please visit here.
Succession Planning FAQs
There are a few things that you need to think about when creating your succession plan including:
- who you want to take over the business,
- what your business is worth,
- when you plan to leave the business,
- what are the financial implications of you leaving,
- what training is required to ensure your successor can take over, and
- the legal requirements that must be completed to implement the change.
It is important to consult a professional when creating your succession plan. Your accountant can help identify financial risks and opportunities and your lawyer will make sure that you haven’t left anything out.
Free farm succession hand book
Succession planning is often a complex issue for farming families.
This free guide from Robertson Hyetts provides information for farming families who are just starting the conversation on the topic of succession planning, or already in the process of implementing changes.