Just as any business has a beginning, it also has an end, and this is exactly why you need Succession Planning.
At Precision, we know that every single business, no matter the size and no matter the industry in which it operates has a lifecycle. A businesses lifecycle starts with its formation or birth and extends with its growth and maturity through to its end, whenever that may be. The lifecycle may take decades, or it may be measured in months.
The end of your business as you know it could come about in many ways. These could be obvious ways such as through the retirement of the owners or the sale of the business. The end of the business could be forced upon you through serious illness or even death. There could be political or legal changes that impact how your business operates, or your competitors could take your market share and force you out of business.
However it happens, whether it be sudden, drawn out over time or well planned, as a business owner you need to ask yourself; what will you do when the end comes? What would you like to happen to your business when the end comes? What are the best options for you and your family when your business ends?
Succession Planning involves much more than having an
up to date will.
It is about developing a strategy, or a series of strategies for working through the inevitable changes that will occur in any business. It is about working out the best ways to bring your involvement in a business to a close and to have that closure playout exactly how you would like it to.
Just as the formation, growth and maturity stages of your business requires a range of strategies, support and guidance, so too does the end of the business. At Precision, we understand this.
At Precision, we know there are a lot of moving parts in a business and a lot of competing factors to be considered. We can provide the forum for your management team, key personnel, banker, financial advisor, and solicitor to participate in a meeting to ensure that all goals are aligned and that your succession plan has the greatest chance of achieving the objectives you want.
There are many time bombs in succession planning and it is important to ensure that as your business comes to a close, any assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries.
When you work with Precision to develop your Succession Plan, we work with you to ensure that your business is prepared as best as possible for these eventualities. If you are considering selling your business, we will help you create the best possible image ready for market. If you are retiring, we will help you to consider the options to ensure a smooth transition.
There are many ways of developing a succession plan, and there are many reasons why you need to develop one. If you have a question about how to begin this process, don’t hesitate, Join the conversation… and let us help you.
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