Succession Planning Who’s taking over when you vacate the director’s chair? At some stage you will decide it is time to move on from your business. Whether you are an entrepreneur who will be on to the next business venture, a seasoned business owner looking to retire or needing to leave due to health reasons, the truth is at some stage someone else needs to be in the director’s chair. A good succession plan will help you and your business transition smoothly to the new owner, or to new executive management. When is the best time to plan your exit? Early - and well before you intend to do so (years ideally). The succession plan covers: Core details including business information & timeframe Business value and plans to realise this (eg business outright sale, sale to a business partner) Personnel changes Skill retention / transference strategies Training needs – internal, external & change management Legal considerations – contracts, buy-sell agreement, will and power of attorney Insurances – keyperson (life, TPD & trauma) Risk management strategies The Australian government business website www.business.gov.au provides succession plan templates and guides. We use these templates as they are ideal for our clients’ businesses and comprehensive. As your accountant we are in a key and unique position to be able to help you create a succession plan. Our Succession Plan process includes: Meeting with you to discuss your intentions Information gathering and report preparation Assisting you through the implementation of the plan over the required timeframe Also refer our Selling a Business section, highly complementary to this service. Our goal is the help you prepare for your exit in a well considered way, smoothing the transition for you and your business and paving the way for new and exciting ventures!