{"id":723,"date":"2021-09-29T01:19:41","date_gmt":"2021-09-29T01:19:41","guid":{"rendered":"http:\/\/www.trakaccountants.com.au\/blog\/?p=723"},"modified":"2021-09-29T23:46:08","modified_gmt":"2021-09-29T23:46:08","slug":"succession-planning","status":"publish","type":"post","link":"https:\/\/www.trakaccountants.com.au\/blog\/succession-planning\/","title":{"rendered":"Why you should never do without succession planning"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>Why we developed succession planning service.<\/strong><\/h2>\n\n\n\n<p>A carefully considered exit strategy reflects the hard work and capital you\u2019ve invested in your business. &nbsp;We want to work with you to develop your Succession Plan to ensure that the expectations of all parties are addressed and achieved.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Do you feel your business would be unable to cope without you?<\/li><li>Do you worry about being able to recover your investment (and more) when you exit?<\/li><li>Are you concerned about the expectations your family may have for your business?<\/li><li>Do you have clear expectations and goals for life beyond your business?<\/li><li>Do you know what\u2019s required to support your lifestyle after you\u2019ve exited your business?<\/li><\/ul>\n\n\n\n<p>Succession Planning is about clarifying what you want for the future and defining the steps required to turn that vision into a reality, while taking into consideration business, personal and family expectations.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/09\/Succession-Planning-AT-02-20-2017-1024x569.jpg\" alt=\"\" class=\"wp-image-724\" width=\"512\" height=\"285\" srcset=\"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/09\/Succession-Planning-AT-02-20-2017-1024x569.jpg 1024w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/09\/Succession-Planning-AT-02-20-2017-300x167.jpg 300w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/09\/Succession-Planning-AT-02-20-2017-768x427.jpg 768w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/09\/Succession-Planning-AT-02-20-2017-1536x853.jpg 1536w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/09\/Succession-Planning-AT-02-20-2017-1200x667.jpg 1200w, https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/09\/Succession-Planning-AT-02-20-2017.jpg 2000w\" sizes=\"auto, (max-width: 512px) 85vw, 512px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who should have a\u00a0<strong>Succession Planning<\/strong>\u00a0session?<\/strong><\/h2>\n\n\n\n<p>All business owners should have a Succession Plan in place. \u00a0Whether you plan on exiting in three years or 30 years, it\u2019s important now. \u00a0It\u2019s not just about extracting maximum value from your business to provide for your future. \u00a0Should an unforeseen event occur, lack of planning will cause unnecessary stress and potentially compromise your sale price, client relationships and the overall reputation of your business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is involved?<\/strong><\/h2>\n\n\n\n<p>We will facilitate a half-day one on one Succession Planning session where you\u2019ll define your goals and objectives with respect to your eventual exit from your business. &nbsp;You\u2019ll complete pre-work prior to the session to identify any burning issues so that we can prepare accordingly. &nbsp;During the session, we\u2019ll work with you to create a concise Succession Plan to guide you through this process. &nbsp;We will help you:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Determine what you want out of your business<\/li><li>Clarify your succession options<\/li><li>Identify the key people involved<\/li><li>Ascertain the timeline and key milestones for your Succession Plan<\/li><li>Clarify the various personal, business, financial, legal, and taxation aspects you need to consider<\/li><li>Identify the actions and strategies you need to take to make your objectives achievable&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>When should I have a session?<\/strong><\/h2>\n\n\n\n<p>If you wish to take a more passive role or sell your business within the next three years, we recommend you start the ongoing Succession Planning process now. \u00a0The earlier you start, the more likely you are to achieve your goals within the timeframe you set. \u00a0The longer the planning phase, the more time you have to groom your business for sale and attract the right successor.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><a rel=\"noreferrer noopener\" href=\"https:\/\/www.trakaccountants.com.au\/contact-tax-agents-varsity-lakes\/\" data-type=\"URL\" data-id=\"https:\/\/www.trakaccountants.com.au\/contact-tax-agents-varsity-lakes\/\" target=\"_blank\">Contact us now\u00a0to discuss\u00a0<strong>our Succession Planning service.<\/strong><\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Benefits of a\u00a0<strong>Succession Planning session<\/strong><\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Dedicated time to review your business and determine what you want from it<\/li><li>Stimulate strategic discussion around \u2018what if\u2019 scenarios<\/li><li>Determine a common vision for owners, team members, and successors<\/li><li>Establish the challenges and opportunities in your business<\/li><li>We\u2019ll act as an impartial sounding board to help you in the decision making process<\/li><li>Clarify your succession process, defining tasks and actions to maximise your outcome<\/li><li>Identify and prioritise key goals and milestones<\/li><li>Increase your ability to make effective strategic decisions<\/li><li>Develop a tool to communicate your Succession Plan with family and other key stakeholders<\/li><li>We\u2019ll encourage you to be accountable for achieving your goals<\/li><li>Access our collective wisdom, systems, products and services<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Succession Planning is about clarifying what you want for the future and defining the steps required to turn that vision into a reality, while taking into consideration business, personal and family expectations.<\/p>\n","protected":false},"author":2,"featured_media":725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"yes","spay_email":"","footnotes":""},"categories":[27,119,26,20,11],"tags":[117,118],"class_list":["post-723","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ausbiz","category-business-advisory","category-business-tip","category-superannuation","category-tax-planning","tag-business-advisory","tag-succession-planning"],"jetpack_featured_media_url":"https:\/\/www.trakaccountants.com.au\/blog\/wp-content\/uploads\/2021\/09\/TRAK_Article_Cover-Photo-3-1.png","_links":{"self":[{"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/posts\/723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/comments?post=723"}],"version-history":[{"count":5,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/posts\/723\/revisions"}],"predecessor-version":[{"id":732,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/posts\/723\/revisions\/732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/media\/725"}],"wp:attachment":[{"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/media?parent=723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/categories?post=723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.trakaccountants.com.au\/blog\/wp-json\/wp\/v2\/tags?post=723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}