Succession Planning
Succession Planning For Business Owners
Your business represents years of dedication and hard work. Succession planning for business owners is essential for when it’s time to move on. Having a strategic succession plan ensures your legacy continues and your future is secured.
Why Succession Planning Matters
A well-structured succession plan isn’t just about retirement – it’s about maximising your business value and ensuring a smooth transition when the time comes. Without proper planning, the value you’ve built could diminish or disappear entirely.
Creating Your Succession Strategy
1. Business Valuation & Enhancement
- Current business value assessment
- Value-driving factors identification
- Strategic improvements implementation
- Growth opportunity analysis
2. Exit Strategy Development
- Timeline creation
- Exit options evaluation
- Tax-efficient structure planning
- Retirement income planning
3. Leadership Transition
- Successor identification and development
- Knowledge transfer planning
- Management restructuring
- Skills gap analysis
Essential Components of Your Succession Plan
Buy-Sell Agreements
We help establish legally sound agreements covering:
✓ Trigger events definition
✓ Business valuation methods
✓ Purchase terms and conditions
✓ Funding mechanisms
✓ Owner obligations
Funding Solutions
- Insurance strategies
- Internal funding options
- External financing arrangements
- Staged payment structures
Key Considerations in Business Succession Planning
Business Aspects:
- Ownership transfer mechanisms
- Management transition
- Client relationship maintenance
- Staff retention strategies
- Intellectual property protection
Personal Aspects:
- Retirement funding
- Wealth preservation
- Tax implications
- Estate planning
- Future income security
Tax Considerations
The tax treatment of key person insurance varies depending on:
- Policy structure
- Purpose of coverage
- Business structure
- Premium payment method
We can help you structure your policy for optimal tax efficiency while ensuring maximum protection.
The Harbourside Advantage
We collaborate with key professionals, ensuring a comprehensive approach to your succession planning:
- Legal advisors
- Tax specialists
- Business valuators
- Insurance experts
- Accountants
Common Succession Planning Questions
When should I start planning?
What if I want to sell to family members?
We help structure fair transitions that balance family dynamics with business needs.
How do I maximise business value?
We identify and implement strategic improvements to enhance your business’s worth.
Start Planning Today
Don’t leave your business legacy to chance. Our succession planning experts can help you create a strategy that:
• Maximizes business value
• Ensures smooth transition
• Protects your interests
• Secures your future