Over half of all Australian small businesses do not have a formal business succession plan in place in the event that someone else needs to take the reins. Succession planning is hard, especially if family relationships are involved, so getting Charter Partners to assist is a sensible strategy. http://www.charterpartners.com.au

1. A Graceful Exit Needs a Succession Plan to Chart its Course
After spending many years building up a family business, it is a sad fact that fewer than half
Australian small business owners have formal plans in place to either sell or pass on the business
when they retire. If they plan to sell, there are certain processes that need to be followed to
maximise the value of the business. If they plan to hand it on to family, clear and legally binding
instructions are needed to avoid any power plays. This formal process is called a business
succession plan.
Can a Business Survive the Departure of the Owner?
The last thing a business owner would want on the approach of retirement is to have the occasion
spoilt by in-fighting among employees or family members over control of the business.
Unfortunately, however, this is often the outcome when there has been no structured and
informed approach to this inevitable event. The same thing happens if the business owner
suddenly passes away without leaving instructions for the management and ownership of the
business.
Whether it is retirement or a sudden demise, either way there needs to be attention given right
now to details. How the hand-over will be managed, who will be giving the orders and who will
have the final responsibility for the on-going viability of the business, must be decided now. This
is where the skills of an accountant Brisbane become invaluable. They have financial experience
to bring to this process, and the ability to remove much of the emotion that will surround it.
A business succession plan can be relatively simple or very complex, depending on the size and
structure of the business. However, there are some elements that are common to any succession
plan. These are the issues that need the most attention with assistance from a professional.
Charter Partners is a firm of accounting and business advisors that has experienced people ready
to start work on your succession plan.
How Will Your Succession Plan Look?
Any business succession plan should set down details about the structure, the current state of
business strategies and priorities, and a vision for leadership roles and talent pools. Questions
should be asked about the current structure and its relevance once the person in charge moves on.
There may need to be changes which require legal assistance. How the business strategies fit into
that structure should it change should also be pursued. Finally, a serious examination of the skills
and attributes of the likely candidates will reveal any training and development needs.
There are a few key principles that ensure the ongoing relevance and adaptability of any business
succession plan. It should be an integral, ongoing part of business processes, and reviewed
regularly. It should be linked to vision, values and strategy so that any development of specific
people supports the competitive advantage it already holds. Finally, any financial constraints
likely to arise as a result of the change-over should be identified and planned now, and not at the
last minute.
These are all areas where Charter Partners has experience and expertise. Going it alone on a
business succession plan is not the best way to set yourself up for a prosperous retirement, or to
look after the valuable employees who helped you get to this point. Their website at
www.charterpartners.com.au details their locations and contact details, staff profiles and
information about all their services.
http://www.charterpartners.com.au/