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Succession Planning in Business

Consider this, you’ve worked tireless years to build a successful business. You’ve created wealth for your family and contributed to your local community. But you have decided that it is time for you to move on.

With extensive experience in business ourselves, the team here at Hub Advisory Group understands that running your own business can be challenging and stressful, not to mention time-consuming.

Of course, you don’t want to work forever but how can you take the next step without jeopardising the effort and investment you have made to date?

The answer is having a strategic succession plan in place. A succession plan is crucial for every business and forms the basis of a smooth transition of leadership.

Despite the importance of an exit or succession plan, research from the Commonwealth Bank shows that only 47% of small business owners have one in place. 22% of those with a plan said they simply intend to close their doors and walk away.

But the question we ask here; if you are running a successful business, making an annual profit of approximately 20% why would you sell your business to then invest your money in something which is making say, a 6% return?

With a succession plan in place, you can ensure that skills and knowledge are retained in your business, even without you being there, and that the revenue and profitability of the business continues.

As an owner and leader, a strategic succession plan also offers protection for your business should something unexpected happen – like injury or illness – and you need to take time away. Plus, it sets the foundations for your relaxing retirement.

How Hub Advisory Group can help with your succession plan?

At Hub, we will work with you to understand all facets of your business. Once we understand your objectives and long-term financial goals, we will tailor a succession plan perfect for your business.

With this plan in place, you will create financial security and stability for your family, any business partners and your staff.

If you’d like to discuss the succession plan for your business or you’re interested to know more about Hub’s suite of business accounting and business advisory services, please don’t hesitate to give us a call on 4926 8000.

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