According to a study by Certified Practising Accountants Australia (CPA), 75 percent of small business owners expect to fund their retirement from the proceeds of the sale of their business, yet alarmingly, only 25 percent actually have a plan on how they’re going to do it.
When in business, there will come a time when you will begin to consider selling it, retiring or get out of business due to health or family reasons. It’s important that you plan for such a day.
A good succession plan and an established business plan will enable 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 your future needs.
Make an appointment today with a Navigate Financial Planning & Business Advisor to discuss or review your succession plan to ensure it is still likely to give you the lifestyle and financial outcomes you have worked so hard to achieve.