Thinking Ahead – what happens next?
You’ve built a successful transport business that has
significant assets, knowledge and skills, but how and
when do you pass these on?
This is not just an issue for retiring business owners as illness or death can strike at any time. You want your business to have a planned future that will provide financial security for your family and leave a legacy for future generations. To do this, you need to be thinking about succession planning.
The most important step is to start as early as possible – the best time to start was yesterday but now is better than tomorrow. Around 90% of New Zealand businesses do not have a formal succession plan. Have you thought about a succession plan?
Being local business advisors and accountants, we have the expertise to help you plan for the future. We can help to create a structured plan so you have a clear vision that can then be actioned and achieved. After all, tomorrow will soon be today. Tom Findlay, a director and client advisor, with a wealth of knowledge in this area, says, “Any succession plan needs to be an inclusive plan that accounts for the
transfer of both the financial knowledge and knowledge that is in your head about the business.”
We consider your personal situation - marriage, kids, age and health - to ensure the right plan is put in place for you and your business. We will guide you through the business valuation process and can advise how best to make your business attractive to sell to either an external party, an existing staff member or to family members. When family is involved, we encourage you to include them in discussions to ensure all
parties thoughts are well considered. After all, we want the transfer to be successful and without conflict for the next generation.
“We will also meet with you to understand your future goals and what you need financially to suit your lifestyle beyond the business. The business needs to be capable of giving you that lifestyle and we can assess how this looks after the business is valued.”
Succession planning isn’t hard when you’re working with someone that knows your business and you feel
comfortable with. You need to be open to putting everything out on the table as doing so will ensure the
right outcome for you and your family going forward.
Get in touch with us today to start the discussion around what happens next.
smart people
BFA provides the right people who can deliver the best results for our clients. We work hard to be a preferred workplace for smart and talented people
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BFA shapes smart business practice to achieve success for our clients. We take a fresh approach centered on teamwork and mutual respect.
smart outcomes
BFA knows it’s all about delivering smart outcomes for our clients. We aim high, whether servicing a one-off project or helping create an ongoing legacy.