Planning for the day you leave your business is a valuable investment. Whether you decide to sell up, retire or have to get out of business due to health reasons, it’s important that you spend the time with your family and/or your business partners and plan what you’re going to do.
A good succession plan enables 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 future needs.
Create a succession plan that is attainable – this means setting a realistic timetable and measurable milestones along the way and sticking to them.
The Australian Government’s business.gov.au website has a free succession plan template and guide for you to use. Download it here
This Succession plan template provides you with a sample structure and suggested contents to help guide you when preparing your own succession. It also includes examples and specific links to relevant websites for more information.
Read more at www.business.gov.au/Info/Exit
Related article: The succession pipeline – it can’t be ignored in family businesses