Business Succession Plan

If you’re a business owner considering selling your business or passing it on to a family member, having a succession plan is crucial.

A well-thought-out succession plan ensures you’re ready for the transition when you decide to leave your business, making the handover process easier for both you and your successor. This also allows your successor to prepare for their present and future responsibilities.

Keep in mind the following, but for a more detailed guide, check out the template for succession planning at business.gov.au.

Choose a Successor:
- Identify who will take over your business.
- Options include family members, employees, business partners, or outside buyers.
- Consider their skills and willingness to lead the business effectively.
Value Your Business:
- Regularly assess your business’s value.
- Understand how much your business is currently worth.
- A good valuation aids in succession planning.
Keep It Current:
- Review your succession plan regularly.
- Adapt to changing circumstances.
- Be prepared for unexpected departures.
Final Handover:
- Proper preparations allow a smooth transition.
- When it’s time to leave, hand over the business seamlessly.
- A clear and current succession plan minimizes disruptions.