It’s not about who gets what with succession planning
Contrary to common misconception, succession plans are not really about who gets what when you quit, retire or die. While you may be facing some immediate challenges because of the economic slowdown, and may have even had to temporary hibernate your business, the downtime can provide some excellent opportunity to do some long term planning are revisit your personal goals and how your business can assist that.
Succession planning for future predictably
Succession plans are about you and what you indent for the future. It’s defining your goals for your life, not just for your business and finances, and builds a clearer path to ensuring you and your family get the best out of life.
Succession Planning is a roadmap to finishing well, starting something new and ensuring the future for your loved ones. It also clarifies your objectives in the immediate future.
Where to get started with succession planning?
Before you begin on a succession plan, be clear about what you want. A good exercise is to take some time and write a page on each of the questions below. Then set down with the people you trust (your accountant, financial planner, business partners and key family members) and refine those goals into an actionable plan.
Ask yourself;
- What do I want for myself?
- What do I want for family?
- What does my family want?
- What do I want for my business?
To further assist, we highly recommend taking our quick Succession Planning Diagnostic survey. Your answers will be personally reviewed and analysed by one of our business specialists, who will respond to you in 5 working days with a business improvement report that includes:
- A score card report on which key success factors you’re winning at and which ones show opportunity to improve.
- A visual breakdown of your position.
- Key insights and recommendations on where you can strengthen your business.
Too often succession planning gets put off because it’s non-urgent. But really it’s an integral part of aligning your goals and your business to better serve you and your loved-ones. That’s why creating and reviewing it into your annual business planning is a smart move.
If you’ve not made a plan, or just think it’s time to revisit elements of your succession plan, please get in touch. Our business specialists have guided families through many major transitions and in many different economic climates. We help you plan for the big picture – so get in touch with your usual Partner today.
Darren Laarhoven: D.Laarhoven@uhyhnseq.com.au
Bill Charlton: B.Charlton@uhyhnseq.com.au
Lauren Steinheuer: L.Steinheuer@uhyhnseq.com.au
Reece Jory: R.Jory@uhyhnseq.com.au
Malcolm Barkle: M.Barkle@uhyhnseq.com.au
Dean Vane: D.Vane@uhyhnseq.com.au
GENERAL ADVICE WARNING
This content has been prepared to provide you with general information only and has not taken into account your personal objectives, financial situation or needs. It does not contain and it is not to be taken to contain Personal Financial Advice. Before making any financial or investment decisions, you should seek advice from an appropriately licenced or authorised financial advisor.
The content was prepared by UHY Haines Norton. AFS Licence No. 483056
FACTUAL INFORMATION WARNING
This content has been prepared to provide you with factual information only and has not taken into account your personal objectives, financial situation or needs. It does not contain and it is not to be taken to contain Personal Financial Advice. Before making any financial or investment decisions, you should seek advice from an appropriately licenced or authorised financial advisor.
The content was prepared by UHY Haines Norton. AFS Licence No. 483056
