Succession Planning
Have you considered who will fill your shoes or what’s involved in selling a business?
Given Australia’s large number of family owned businesses and the ageing population, succession planning is an issue that will inevitably affect many in today’s market.
The most common mistake business owners make is leaving their exit planning too late - you should be planning on how to exit your business now, not when you need to sell. An unplanned sale due to early retirement, accident, sickness, death or family dispute or divorce is unlikely to result in maximisation of value. In fact, allowing timeframes of three to five years to undertake this process is not unreasonable.
Lawler Partners succession experts can work with you to ensure security for your family, your business and yourself, whilst developing the optimum strategy for a successful succession process. There are a number of succession options available to you to ensure the value of your business is protected, including:
- Sale of business
- Generational succession
- Employee/management buy out
- Structured realisation of assets
- Public listing
How Can We Add Value?
Our succession planning process helps the owner plot their future. It provides a strategy and prioritised choices to work on. And it works well. This is why succession planning is one of our most valued services.
We work with you every step of the way to ensure that you and your business are given the level of support and guidance that is required for such an essential business strategy. We understand the importance of ensuring your entire individual and business requirements are discussed and carefully considered within your personalised documented plan. We also appreciate that progressively “letting go of the reigns” is very difficult for business owners who have been actively involved for many years.
We can assist in the implementation of appropriate governance, risk management and reporting systems, designed to give you knowledge and security as you transition to a less “hands on” role. We can also assist with the recruitment and selection of key personnel and act as a “sounding board” to management if required.
If you don’t consider a strategic approach to your succession, any value you have created may well retire with you.
To discuss your personal situation and how Lawler Partners may assist you in the process, please contact Directors Kylee Dare or Andrew Beattie in Newcastle : Email Kylee ; Email Andrew or Nick Falzon in Sydney: Email Nick
Relevant Links:
