A significant proportion of the 2.7 million Small Businesses in Australia lack adequate succession planning.
According to BDO, 61% of Family Businesses do not have a succession plan that nominates a successor, and 70% of wealth transitions fail.
When looking to complete a succession plan, it is important to prepare the business and family for that transition. Whether you are transitioning to the next generation, to management or to an unrelated party, it is important to get the basics right such as:
• Getting the financial information right;
• Corporate governance;
• Documentation of processes and procedures; and
• Structuring and dealing with family assets.
• Corporate governance;
• Documentation of processes and procedures; and
• Structuring and dealing with family assets.
These points are important to consider when looking to the future and are covered in the guide – download now for more information.