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Importance of succession planning
Succession planning is the process of developing a strategy to smoothly transition a business from the current owner to a new owner with minimal impact on business performance. Careful consideration and planning of all relevant factors is vital to ensure the current business owner maximises their business exit value.
A recent Family Business Australia survey identified that while 81% of business owners intend to retire in the next 10 years, less than a third of businesses have a formal succession plan. This survey highlights that although strategic succession planning is of significant importance, it often does not receive sufficient attention as the business owner is focussed on current business issues rather than a longer term exit strategy.
Key considerations
Griffin & Associates works closely with clients to ensure they plan beyond their current business demands. We can assist in developing a successful customised plan that allow a business to smoothly transition upon the retirement, incapacity or death of a key people.
The following is a list of the services we offer in developing a business succession plan:
- Clarification of the business goals
- Identification of key people
- Reviewing management and staff requirements
- Identifying the needs and expectations of the current owners
- Assessing the time-frame of transferring ownership and control
- Tax planning of the exit transactions, including:
- Review of business structure
- Application of small business concessions
- Minimisation of capital gains tax
Collaborative approach
The key to developing a strategic succession plan is to adopt a collaborative approach that involves each of the client’s professional advisers. Griffin & Associates works closely with the following advisers to ensure the strategy implemented is ideal from a legal, financial and funding perspective:
- Solicitor
- Financial planner
- Bank / Financial lender
Succession planning statistics
To further highlight the importance of developing a succession plan, the following are key statistics from a recent Family Business Australia survey:
- Family businesses account for around 70% of all businesses in Australia
- 81% of owners intend to retire in the next 10 years generating a wealth transfer of $3.5 trillion
- 41% intend to pass the business to family members
- 61% of family business owners would seriously consider selling if approached
- 44% of family business owners are planning to sell their business
- Less than 30% of businesses have a formal succession plan
