Make sure your Succession is a Success
It’s important for all business owners to put in place a properly prepared succession plan. It’s just like a Will for the business, but there is often a wider range of scenarios and considerations involved.
As with a personal Will, what should be included in a good business succession plan can vary from one situation to the next.
There is a range of professionals who may need to be involved in setting up a succession plan, including your financial adviser, lawyer and accountant.
Even if you already have a plan in place, make sure you regularly review the agreements and your insurance policies to keep them up to date and reflecting the current value of the business.
Like a Will, don’t leave this to when it’s too late.
STAGES OF SUCCESSION
1. Create a clearly defined business succession plan.
2. Bring Identified Successor/s into the business.
3. Provide for personal needs as a result of the business succession.
4. Ensure the business succession plan dovetails with your own estate planning.
Your privacy is important to us and Australian Financial Services Licensee, which is part of AMP. You may request access to your personal information at any time by calling us on (07) 4639 1399 or contacting AMP on 1300 157 173.