Succession Planning

It’s never too early to start thinking about an exit strategy or succession plan – and when executed correctly, succession planning will result in a seamless transition from one leader to their incumbent.

Succession planning is often acknowledged within the context of family succession, however all businesses, irrespective of structure, needs documented succession planning in place.

One of the key elements of effective succession is the communicating of the plan to the appropriate parties. The person or persons identified as the successor, along with other staff, company board, management and other stakeholders such as investors, will all need to be informed of the plan during particular stages of the process.

Having a succession roadmap in place also ensures a business remains on track to achieve its broader organisational objectives. Preparing for change can be challenging, and a smooth transition can mitigate reputational and operational risks.

Effective succession planning is critical to the ongoing success of a business. The process often raises many difficult financial, tax, legal, equity and emotional issues. While it can be a challenging topic to raise, the reality is that succession is one of the biggest risks to the ongoing viability of a business.

Planning sooner rather than later ensures peace of mind for the business founder, avoidance of potential future conflict and allows time to implement strategies to protect, grow and realise the maximum value of the business.

How we help clients

HLB Mann Judd has a team of skilled, experienced professionals who have been advising Australian businesses on their succession planning needs over many years. Our succession planning clients range in size from small, family-run businesses to large multinational companies, and while they vary in size, structure and market sector, our approach is consistent.

The first step in the succession planning process is to listen to your objectives, so we can consider the best succession strategies for your business and personal financial future.

Once we understand your goals, our advisers can help structure your future so that the business can fund your retirement, minimise its risk and assure stakeholders and management of business continuity.

As part of our succession planning offering, we provide advice on the following:

• Tax structuring
• Business valuations
• Due diligence
• Family office

• Wealth management
• Superannuation strategies
• Estate planning.