Growing your practice: successful succession planning

摘要

Retiring from your business that you have built up for many years can not only be an emotional milestone but also a financial and legal challenge. Getting it right is important for your future wellbeing in retirement as well as the continuation and growth of your business. Recently I came across some statistics that showed that 31percent of all small business owners are aged over 50. Additionally, in another survey, it confirmed that 40percent of small business owners surveyed indicated they planned to sell their business in the next five years. Many practices we see do not have adequate superannuation and face a bleak retirement if they cannot access the value they have built into their business.