Planning for the day you leave your business is very important. Whether you decide to sell up, retire or leave due to health reasons, a succession plan outlines who will take over your business when you leave.
A good succession plan will help your business transition smoothly to the new owner. By planning your exit early, you can maximise the value of your business and help it to meet future needs.
Make sure your succession plan is achievable by setting a realistic timetable and measurable milestones that you can stick to.
What do I include in a succession plan?
A succession plan should include:
- information about your business – business name, logo, owner’s name, business address and ABN
- succession section – skills gaps, training, succession time and handover
- finance section – value of the business, retirement payment, sale details, buyout details, taxation
- supporting documentation – business name registration certificate, ABN/CAN registration, GST registration, insurance papers, lease papers, will, etc.
To help you get started, download a succession plan template and guide.
Who can help me develop a succession plan?
Family Business Australia has accredited advisers that can help you to develop a succession plan.
Use the Family Business Australia tool to find the right adviser to help.