Succession Planning

Plan should include:

  • Continuity of family ownership of assets
  • Maximisation of retirement income
  • Provide a retirement income or pension for retirees
  • Assist beneficiaries with financing options if required
  • Tax effective result on sale or transfer of assets
  • Review of appropriate insurance coverage
  • Provide financial security and peace of mind
  • Clarify and document the desires of all associated parties who may have conflicting opinions
  • Reduce conflict and contesting of wills after death

A succession plan is a must for any business owner.

Don’t be caught short – but don’t worry it’s never too late to start planning for tomorrow. Ensure your retirement dreams become a reality by developing a succession plan to enrich the quality of your retirement.

Succession planning is a prerequisite for anyone who owns and operates a family business or has money in superannuation. The right type of planning will ensure a smooth transition when a business is sold, upon retirement or upon death.

Ideally, a succession plan would be implemented over a five year period and be designed to encompass the desires of all associated parties for a successful outcome. Of paramount consideration is any possible financial burden on the next generation.

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