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Succession planning is crucial to ensure that business owners can exit on their own terms, and maximise the value of their business and hard work.

You may be like most business owners – spending long hours making your business successful. When do you find time to plan for those significant ownership and management changes that seem so far in the future? The reality is that the earlier you begin the planning process, the more options you will have and the greater the chance that the outcome will meet your goals.

As a business owner, at some point you need to address how you will exit your business. Business succession that is strategically planned is a win for everyone.

Snedden Hall & Gallop is the Succession Plus local partner in Canberra, with Emily Shoemark accredited as a Succession Plus adviser. Emily will work with you to understand your business, what value you currently have, and how to maximises that value be developing a succession plan aligned with your personal goals.

An appropriate exit strategy, or succession plan, maps out and considers every aspect of your business in order to achieve your desired exit outcome.

Succession planning involves making decisions about who will lead your business into the future, and who will take ownership of it. By taking charge of this decision-making process, you will be able to attract a higher sell price for your business and minimise the tax you pay on the proceeds.

Succession or exit planning supports you in maintaining control over how and when you leave your business and on what terms. Successful succession planning can help you to:

  • minimise your tax
  • secure your future income
  • provide a smooth transition for your team.

There are many ways to exit a business and it can be useful to have an adviser guide you as to which will deliver the best result. Options vary in terms of complexity and payoff and include:

  • management buy-out
  • employee share ownership plan (ESOP)
  • sale to a competitor, supplier, customer or trade buyer.

You can find out more about Succession Plus in this video, and here.