Business Evolution
According to research, over 40% of business owners are looking
for an exit strategy in the next 5 years, but only a small fraction
have formal plans for how they are going to achieve that goal.
Given it can take 3 to 5 years to develop a comprehensive plan and
groom your business, it is vital to start the Business Evolution
process as soon as possible.
Business Evolution is about building, retaining and passing on
your wealth from generation to generation. It involves recognising
and dealing with many complex family, individual and business
issues such as clarifying your goals, management succession, estate
planning, taxation and wealth management. Working through the
Business Evolution process may point to realising the best possible
value for your business, but this depends on your individual needs
and circumstances and can be determined once your goals have been
established.
The term "Business Evolution" was originally created by Pitcher
Partners, Melbourne (members of Baker Tilly International alongside
Staples Rodway). They have been using the process for several
years, establishing a strong track record of successful business
transitions.
There are 7 key steps or things to consider in the
succession planning (business evolution) process, and we've
identified them as:
- Goal Setting
- Importance of family
- Where is your wealth?
- Continued success of your business
- Your Legacy
- Choosing your advisor
- Your plan
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The short answer is as early as possible! Some business advisors
suggest that you should be considering your exit options when you
start your business, and ensure that it is always ready for
transition. However many business owners are too preoccupied with
running the day-to-day business to spend time on planning for an
event that they don't expect to occur for many years.
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Through our work on Business Evolution we have built up a
comprehensive database of professional advisors who can help with
the Succession Planning process.
We also offer short courses and seminars on the topic of
Succession Planning, contact your local office to find out more
about what's happening in your area.
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The hardest part of the process can be making a start. Often
once you have begun the goal setting process, the remainder will
start to flow.
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Here are some useful articles that give you more information,
and case-study scenarios based around succession planning...
The various articles touch on the subject areas of general
succession planning, retirement, preparing the business for sale,
and taxation.
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