Succession Planning gives business owners reassurance by building a strong business that can be sold or managed by others in retirement.
Succession Planning sets up business owners for retirement or the sale of a business by establishing clear financial, management and taxation goals that can be implemented in the years prior to you no longer working in your business.
Business owners heading toward retirement should begin their Succession Planning at least five years before they intend to end their involvement in their business. There are a number of options to be considered including:
- Family members taking over the running and/or ownership of the business
- Selling the business to existing partners, family or a third party
- Staff taking over the management of the business
- Closing down the business.
Accountable Business Solutions’ Ballarat & Bendigo accountants will work with you to:
- Work out your goals in retirement
- Maximise the value of your business
- Implement systems to improve the financial accountability within your business, which will help in the sale of your business
- Design a tax minimisation strategy, including capital gains tax and estate tax
- Determine the value of your business.
Whatever option you choose for the future of your business, it’s important to understand that those taking it over will need comprehensive financial statements – and our Ballarat accountants can help you with this task.
If you’re a business owner focused on the future, you need a Ballarat or Bendigo accounting firm with a comprehensive understanding of Succession Planning. Accountable Business Solutions can also assist with Asset Protection Services and Estate Planning Advice Ballarat.
Contact Accountable Business Solutions to make an appointment via email or phone 03 5331 3118.