I’m Planning to Succeed

Here is a scary statistic – 81% of businesses owned by Australian baby boomersdo not have a documented succession plan.

When I started my business, I didn’t really have the end in mind; I just wanted to get the beginning right! As business owners our time is some congested with start-up, business growth, then stabilising and maintaining what we’ve achieved; the last thing we think about is how we want to finish with it all.

So many business owners I speak with haven’t taken precautions to protect their business if they were forced to take extended time off work due to a serious illness or injury. If they died, how can they be sure that their business partners would give their family a fair deal?

Would your business survive without the owner?

Maybe you don’t want to think about this, or are just too busy but the reality is that at some point during the lifecycle of your business you may be confronted with this situation.

As an advice professional, do you have clients who keep putting off this crucial aspect of owning a business no matter how much you remind them?

Sometimes we all need a helping hand to address this rather sensitive area of “what if”! I know for me I needed a helping hand to put the right plans in place. Here is a gentle way to get a hard message across. “Planning to succeed” is a video that explains the importance of a succession plan and what’s involved. 
It focuses on 4 key areas – Business Structure; Succession Agreements; Insurance; and Powers of Attorney. Using animation, these points are delivered in a simple way to inspire action, rather than wait another year and increase the risk.

Have you put your succession plans in place?