For many business owners, the daily demands of running a business leave little time for long-term planning. This can place your business in a vulnerable financial position if there is a change in ownership or misfortune strikes.
One of the most significant challenges you can face as the owner of a small- or medium-sized business is a change in its ownership structure. If you manage the transition well, the new ownership arrangements should enable you to carry on with business as usual and have a minimal effect on your day-to-day operations. Managed poorly, however, a change in ownership could become a costly distraction to you, your management team and employees, possibly even sending negative signals to your customers, banks and competitors.
We can help you build a robust succession plan that takes your long-term aspirations into account and also allows for contingencies. For example, for a family-owned business this may include a handover plan to family members. For a partnership, it might lay out a framework for a partner to exit the business or for a total liquidation.
It is also possible to plan for the impact of unforeseen changes, for example, if you or a business partner are struck down by a long-term illness or disability or die unexpectedly. We can build a risk protection strategy into your business plan using ‘key person’, income protection and trauma insurance. Your risk protection strategy can also include business overheads insurance and insurance to protect assets and stock against theft and damage.
In addition, we can consider the tax implications of your business interests when addressing your personal estate planning needs.
To find out how we can help you build a robust and comprehensive business plan, call 1300 738 878 or email us.