Are you a small business owner? Are you planning for someone else to succeed?
December 4, 2018
When it's time for you to let go of the wheel, or if something happens and you're forced to, who will take your place? And more importantly, how? And how well?
Business succession requires a lot of careful planning and a great deal of experience to navigate the many shoals and reefs that stand between you and a successful outcome. Here are just a few of the main elements that typically need to be put in place to ensure the business transitions smoothly and without losing value.
There are a great many contingencies that could stand between you and a successful transition of ownership. We can help you identify them and plan for them.
Many of these contingencies can be covered by business insurance policies e.g. key person insurance, buy/sell insurance and business continuance insurance - but what cover do you need? Who are the best insurer's? And what are the tax implications?
Specialist tax advice is required to ensure that you end up with the optimum setup for your business ownership and policy ownership. Suffice to say this is absolutely critical as tax can decimate the net proceeds that actually flow to you or your successors.
When the time comes for your succession to happen, and this may not be under your control, who's going to steer the ship until the actual transition to the new owner is complete - especially if you're not around to do it?
What's required here is a professional pilot to guide you through the process - the planning and the implementation. Safely and successfully. Talk to us today on (07) 5574 0667.
Wahlstrom Financial Services Pty Ltd, ABN 43 078 015 988, is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 an Australian Financial Services Licensee number 244252. Millennium3 Financial Services Pty Ltd and Wahlstrom Financial Services Pty Ltd are not responsible for the advice given regarding lending. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. The views and opinions expressed within this letter are those of the author and do not necessarily reflect those of Millennium3 Financial Services Pty Ltd.