Congratulations for being proactive and taking the initiative to consider Business Succession Plan. Budgeting and planning for unplanned and planned exits is a critical component of any thorough business plan.
Business owners often have a large portion of their net worth tied up in their business. It is inevitable that at some stage in the future you will want to leave the business. Whether this is in 5 weeks or 5 years time, planning for it needs to start now. All business owners need a complete succession plan.
A complete succession plan provides solutions for two types of exits by a business owner.
(1) Unplanned Exit. The first component and most immediate of the two exits is in the event of a business owners unplanned exit from the business. Working with you we will develop a carefully considered strategy to ensure the continuity of your business and to fund your personal needs and protect your estate, should this occur.
(2) Planned Exit. The second component is to develop a clear strategy to maximise the asset value of your business in the event of a planned exit of a business owner. By having a clear understanding of the time frames you want for the business will help to give structure to the business. This is often a more complex and evolutionary process. To facilitate this we recommend that you work with your accountant and if necessary other professional advisors to achieve this outcome.