S&W Wealth – Business Succession Web Event & Video

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As advisers, we often find ourselves having important discussions with clients in relation to their business.  One element we find that gets neglected is around business succession planning to ensure an orderly change of ownership when you and/or your business partners are ready to move on or retire. A good succession plan can secure a business owner’s legacy and retirement. 

Worse still, sometimes these changes are unplanned, and we could be faced with disruption or forced exit from the business because of illness, disability or death.  

Data has shown that…

  • Only 47%* of small business owners have an exit strategy in place.
  • Of those with an exit plan, 22%* simply intend to close their doors and walk away. 

Your business is the product of many years of long days and sleepless nights. But no one plans to work for ever. That’s why a business succession plan is critical for every business. 

Dean Holmes and Christian Tsiolis of S&W Wealth and Michael Goodrick from Kreston Stanley Williamson have hosted a web event on 12 October 2022 sharing their knowledge, tips and experiences gained over a combined 40 years of providing wealth advice.   

At S&W Wealth, we want to help educate our clients about the importance of planning an exit and maximise the value of their business and ensure the business and the financial futures of people in the business are secured. 

In our video presentation (below) we will go through: 

  • What a business succession plan looks like and the benefits 
  • What can go wrong if:
    • You don’t plan early enough – it can take 5 years!
    • Your business loses a key person and their skills
    • Ownership is to pass to inexperienced family members.
  • The role insurance can play in protecting your business  
  • Identify trigger events that may lead to a transfer of equity and control
  • Organization of your personal and business assets so you are entitled to tax concessions.  

Business succession planning is also an opportunity to clarify the value you have created in your business and provide you with a range of exit choices appropriate to your family structure, lifestyle, and retirement goals.

If you are interested in developing your own succession plan, please do not hesitate to contact your client manager.

*Correct as of 12 October 2022

*Disclaimer – this article has been produced by Kreston Stanley Williamson as a service to its clients and associates. The information contained in the article is of general comment only and is not intended to be advice on any particular matter. Before acting on any areas contained in this article, it is imperative you seek specific advice relating to your particular circumstances. Liability limited by a scheme approved under professional standards legislation.

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