Why is planning necessary?

If you have a business, you should do a business succession plan.

It is part of planning for a successful business and the continuation of a successful business.

Succeeding at anything is about good strategic planning and good implementation.  Business succession planning is no different.  The objectives can be many and varied.  The objectives that usually drive the planning process are the following:

  • preserving and generating wealth.  In doing so, taking account of asset protection measures, protection against spendthrift family members and estranged or divorced spouses;
  • preserving harmonious family relationships;
  • minimizing adverse taxation implications;
  • funding retirement; and
  • providing scope for family members to advance within the business.