The day-to-day running of your business can mask the need to plan for the day you’re no longer running the show. Whether you decided to retire or sell it’s important to invest some time to create a business succession plan or exit plan.
Plus, it’s also sensible to cover your business should the unforeseen happen and you’re no longer around to manage the business.
Planning for the future for your business is very important and should be something that’s regularly updated. A business succession plan will enable your business to deal with unforeseen circumstances or emergencies as well as the orderly retirement of business owners or leaders. Here are some considerations for your business success planning process.
The plan should cover your finances and insurance arrangements. There’s also estate planning to cover and this includes death benefits and superannuation details. Remember to note any beneficiaries who can receive your super. Then there are the possible tax consequences of a super death benefit payout that needs to be taken into account.