Succession planning
Nobody likes to think about it, but it's inevitable that one day you will leave your business. Whether you decide to sell up, retire or have to get out of business due to health reasons, it's important that you plan for that day. A succession, or exit, plan outlines who will take over your business when you leave.
A good succession plan enables a smooth transition with less likelihood of disruption to operations. By planning your exit well in advance you can maximise the value of your business and enable it to meet future needs.
Make sure your succession plan is attainable - set a realistic timetable and measurable milestones along the way and stick to them.
What to do...
- Refer to our Succession plan template & guide for assistance in developing your succession plan.
- Check our Events Calendar to see if there are any seminars about succession planning.
- Contact your nearest Business Enterprise Centre for free advice and support.
- Your industry association may be able to assist - search our directory for contact details.
- Get professional advice from a business adviser, accountant or solicitor.
This content is supplied to Flying Solo via business.gov.au,
the Australian Government's principal website for business information and resources.
