Succession Planning is much more than just handing over the ownership
and control of the business.
It’s a subject that increasingly many
accountants/lawyers and their clients are grappling with, and seeking
specialist advice.
Business educator Deane Purdue spends much of his time helping
practitioners and their clients with succession/exiting issues.
"Few business owners have embraced and recognize the worth of
succession planning. Sometimes there is evidence of Estate or Asset
planning or only one or two components of a succession plan”, says Deane.
Unfortunately, business owners’ deal with issues in a fragmented and
ad-hoc way. They consult a professional only when the issue or
opportunity arises or presents itself. For example, the neighbouring
business premise becomes available and they talk with either their
accountant or lawyer. Another example of “knee jerk” response is when a
potential successor threatens to leave. Identification of a successor
as soon as possible opens up a whole raft of strategies that can be
actioned. No time is wasted with the gift programme and there is less
stress and more options for the exiting owners.
Improve your skills to handle Succession/Exiting/Protection issues for
your clients today – Learn more about TEO Exiting/Succession, Protection course.
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