You’re leaving your business…. got a plan?

insuranceNobody likes to think about it, but it is inevitable that one day you will leave your business. Whether you decide to sell up, retire, or for health reasons, it is imperative that you plan for that day.

A Business Succession plan outlines who will take over your business when that time comes.

A good succession plan enables a smooth transition for all parties with less likelihood of any disruption to operations.

Our partners, DBJ & Associates will work together with you in planning your exit well in advance. They follow a proven process to ensure you achieve the best possible outcome. For over 15 years, David Bushe-Jones has been working with WA companies to successfully implement Business Succession Plans.

 

What is a Business Succession Plan and how does it help?

 A Business Succession Plan is a financial and tax plan that will:

  • Ensure you and your family will receive the true value of your interest in the business when a trigger event occurs
  • Give your business every chance of survival when you are gone or suffer a long term illness or accident
  • Allow for an orderly transition of ownership to the remaining partners, family members, or key employees – rather than suffer a fire sale
  • Provide a ready market for your business interests

 

A Business Succession Plan considers the best way to:

  • Structure your affairs to reduce unnecessary Capital Gains
  • Fund the transfer of your interest in the business to your outgoing partners
  • Implement a plan to manage the events which have led to the succession taking place, e.g. death, total and permanent disability, trauma, illness (i.e a heart attack), retirement, resignation etc
  • Ensure that your preferred financial goals are met

 

If you would like any further information with regard to Business Succession Planning, please contact David Bushe-Jones on 0412 917 864 or email dbj@dbjassoc.