Decisions today pave the way for future success.
You are the driving force and the inspiration behind your business, so what will happen to it when you leave?
One of the most significant stages for any business is planning for succession or transition. Regardless of the size of your business, your departure or retirement can impact considerably as the business and your family adjusts to changes, management decisions and new leadership.
A solid, well-considered strategy is essential. Only then, can you move on to your new phase of life assured of maintaining your personal financial security as well as the future growth and performance of your business. Planning ahead will enable a smooth transition and pave the way for future success.
If you are a business owner, there are a number of transition options. You may decide to:
- Retain ownership but employ a short-term or long-term external manager
- Transfer ownership or management to another family member
- Sell part of, or all of, the business
- Liquidate or wind up the business
In every case, consideration must be given to tax implications, operational and legal issues, management succession, equity succession and estate planning. At the same time, you will want to avoid disrupting service delivery, cash flow and profitability. Whichever path is chosen, it helps to draw on the advice and experience of a business succession team who has been there before.
How Nexia can help?
Our team know that every situation is different, every business is unique and every family has their own personal objectives and business needs. Planning to move on from your business and transition to a new phase in your life can be difficult on many levels. Nexia's understanding allows us to take a step back and look at your circumstances from a big-picture perspective. It is never too early to start building for your future.
Are you ready to add value to your business?
We are offering an initial complimentary meeting that is of no obligation to you, which allows us to take a step back and look at your circumstances from a big-picture perspective and how we can add value to your business.
Simply enter your details below and a member of our team will be in touch shortly.